- The biotech industry association BIO recently unveiled a new video ad, entitled "Time is Precious," which focuses on the impact new biopharmaceutical drugs have had on extending life. While not explicitly raising the issue of drug pricing, the ad is a rebuttal to the caustic criticism being leveled at the industry by lawmakers and patients over high prices.
- A narration over the video reads, "Another decade with a spouse. A few more years with your best friend. A rich, full life rather than one cut short. How do we place value on these?"
- The ad from BIO parallels a similar video ad from the major trade association, PhRMA. In February, PhRMA debuted "We're Fighting Back" as part of its "From Hopes to Cures" campaign.
The ad from BIO is aimed at highlighting how biopharmaceutical research has spurred breakthrough innovations and led to more effective drugs. The association hopes the ad will inform the public of the value created by the healthcare system and biopharmaceutical companies.
"With this effort, BIO is advancing the national public policy debate over the cost and value of medicine, shining a spotlight on the fact that innovative, life-saving medicines provide benefits far beyond their costs," said BIO President & CEO Jim Greenwood.
While the ad sidesteps the issue of how drugs are priced, a partner website to the ad claims "90% of biopharma companies do not earn a profit." The website points to the "enormous amounts of capital time" required to develop a drug and bring it to market.
The Center for Responsive Politics reports that PhRMA spent $18.4 million on lobbying, while BIO spent $8.35 million. Both associations are based in Washington, DC.