Read expresses support for the field while introducing keynote speaker Rep. Michael C. Burgess at PMC’s 11th Annual State of Personalized Medicine Luncheon Address
WASHINGTON (May 18, 2015)
Study results recently unveiled by Pfizer CEO Ian Read illustrate a deep commitment to personalized medicine among biopharmaceutical companies, suggesting that the firms expect investment in the field to increase by 33 percent in the next five years. Read said the industry’s commitment reflects the fact that personalized medicines can improve patient outcomes and, by limiting treatment to only the sub-populations of patients that are most likely to benefit from a given therapy, lower health care costs.
“The pharmaceutical industry stands with you and supports your efforts,” he told the crowd of nearly 200 personalized medicine stakeholders who gathered at the National Press Club for PMC’s 11th Annual State of Personalized Medicine Luncheon Address, where he announced the results. “They go to the core of why we exist as an industry: to create therapies that significantly improve people’s lives.”
The study, which was commissioned by PMC and conducted by the Tufts Center for the Study of Drug Development, also revealed that the percentage of marketed drugs with pharmacogenomic information in their labels has increased from 10 to 13 percent since 2010 and that 42 percent of all compounds and 73 percent of cancer compounds in development rely on biomarker data.
Read announced the findings just hours after the U.S. House Subcommittee on Health’s markup of the 21st Century Cures draft bill, while introducing Subcommittee member Rep. Michael C. Burgess, M.D., who delivered this year’s State of Personalized Medicine Address.
About the State of Personalized Medicine Luncheon Address:
The State of Personalized Medicine Luncheon Address serves as a forum for PMC members and guests from across the health care community to engage policy leaders in a discussion of the key issues facing the field.
About the Personalized Medicine Coalition:
The Personalized Medicine Coalition (PMC), representing innovators, scientists, patients, providers and payers, promotes the understanding and adoption of personalized medicine concepts, services and products to benefit patients and the health system. For more information about PMC, visit www.personalizedmedicinecoalition.org.