The vast majority of the companies working on these innovations, and across biotechnology, are small enterprises.
In fact, 70 percent of the industry’s clinical pipeline is attributed to small companies.
Their success in getting new cures and therapies across the finish line rests on one key factor. The ability to attract the enormous amounts of private capital required to fund these challenging and incredibly risky endeavors.
This ability, in turn, depends on a public policy environment that supports innovation and incentivizes such investment. Policy support needs to include continued advancement of scientific understanding; strong intellectual property (IP) rights and a reliable system for IP transfer, licensing, and collaboration; an efficient and predictable regulatory review process; and transparent payment systems that reward innovation and encourage free market competition.
Setbacks in any of these areas can cause the entire innovation ecosystem to falter, resulting in fewer new medicines getting to the very patients who need them.