Foreign efforts to lure US biopharmaceutical companies

Despite increasing budget pressures, countries around the world are making substantial investments in pro-innovation policies and programs to lure the biopharmaceutical research sector away from the US, according to a new study released by Battelle Technology Partnership Practice last week.

The study, commissioned by the Pharmaceutical Research and Manufacturers of America (PhRMA), further found that while many countries are cutting public expenditures, they are continuing to expand R&D incentives to attract and grow their biopharmaceutical company presence. Despite the short-term costs associated with these investments, foreign governments recognize the long-term economic benefits.

“In countries around the world, governments clearly recognize the potential benefit that biopharmaceutical research companies offer in terms of economic contributions and job growth – especially in a time when economic growth is so fundamentally needed,” said PhRMA president and chief executive John Castellani.