The pharmaceutical industry is an integral part of the health care system and is committed to finding cures for some of the most serious conditions facing patients around the world. By providing doctors and their patients with safe and effective medicines and treatments, the pharmaceutical industry helps to extend and improve quality of life. Pharmaceutical companies are at the forefront of medical innovation, making the investments needed to achieve progress for patients today while delivering the promise of new treatments and cures for a better tomorrow.
A vibrant pharmaceutical industry is critical to patients and to global health. Pharmaceutical companies spent more than $51 billion in 2013 to discover and develop new medicines. More than 300 new medicines were approved by the U.S. Food and Drug Administration (FDA) in the last decade, and more than 2,900 new compounds are currently being studied in the United States alone.