More Medical Research Money in 2000

Companies plan to invest more than $26 billion in 2000 in discovering and developing new medicines

(Everything2000) Medical research and development will continue to break records as we enter the 21st century. Pharmaceutical and Biotechnology companies are planning to spend $26 billion this year alone. That’s a 10 percent increase over the money spent this year.

With such a commitment to R&D many are expecting to see some major medical breakthroughs in the near future. Experts are looking at this year to determine where we will be next year at this time.

In 1999, 40 new treatments, 35 drugs and 5 biologics were added to the nation’s medicine chest. This translated into two medicines for AIDS and AIDS-related conditions: five new cancer medicines, two medicines for type 2 diabetes, two for influenza and several new treatments for heart arrhythmia, osteoarthritiis, Parkinson’s disease and many other diseases.

The total number of medicines approved in the 1990’s reached 370. That is up from 239 in the previous decade, according to a report by the Pharmaceutical Research and Manufacturers of America (PhRMA).

Much more is expected in the century ahead as companies are given incentives to continue their research departments. Under the Food and Drug Administration’s Modernization Act of 1997 companies that sponsor new drug applications pay user fees, which enables the FDA to hire additional reviewers.

DATE: 1/21/2000

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