Thank you chairman burton for the opportunity to testify on the pharmaceutical industry in the united states in keeping with the truth in testimony law i wish to declare that neither the cato . The pharmaceutical industry is important because it is a major source of medical innovation the us research based industry invests about 17 percent of sales in r and d and r and d drives performance of individual firms and industry structure. The pharmaceutical industry accounts for a substantial chunk of the us economys research and development investments which have resulted in significant medical breakthroughs at the same time the costs of pharmaceutical products continue to rise as does pressure to adopt direct or indirect . Pharmaceuticals are unique in their combination of extensive government control and extreme economics that is high fixed costs of development and relatively low incremental costs of production regulation the food and drug administration fda is the us government agency charged with ensuring the safety and efficacy of the medicines available to americans. The competitive costly search for new drugs let us approach public policy in the context of a global pharmaceutical industry merck for example does business in nearly 200 countries and about half of its sales are made outside the united states
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