SAN DIEGO--(BUSINESS WIRE)--The Value of Medical Innovation (VOI) (www.valueofinnovation.org) is attending the BIO 2014 International Convention to demonstrate the value of biomedical research and development. VOI’s unique LIFE YEARS SAVED clock shows that medical innovation has added more than 51 million years to the lives of cancer patients just since 1990, and this translates into nearly $430,000 added to the economy every single minute. The value of this innovation amounts to trillions of dollars.
“After weeks of misplaced misinformation about the cost of innovation, it's time to celebrate what medical innovations and innovators have created and achieved,” says Robert Goldberg, Ph.D., Founder of VOI and Vice President of the sponsoring organization, the Center for Medicine in the Public Interest (CMPI). “The Value of Medical Innovation stands ready to empower companies with the tools to demonstrate the incredible value they deliver in terms of reducing costs and improving lives.”
INNOVATION ADDS VALUE, REDUCES COSTS AND SAVES LIVES
• Prescription drugs account for 10% of America's total health care tab. That's lower than it was in 1960
• Innovative cancer therapeutics, specifically, account for less than 1% of total health spending
• Cancer spending as a percentage of overall health care has remained stable for the past 30 years and is declining as fewer people spend time in the hospital
"CMPI has been a leader for more than a decade in promoting innovation and personalized medicine,” says Peter Pitts, President and Co-Founder of CMPI. “Today there are over 3,000 drugs in development for cancers around the world. Because of this innovation, the cancer death rate has fallen by 20% since its peak in 1991. It’s long past time to recognize that this innovation doesn’t cost money, it saves money, and we will continue the fight for faster development, better patient access and improved communications about the truth of the value of therapeutics and the people who make them.”
The Value of Medical Innovation will be at booth number 5642 in the BIO exhibit hall, and will be displaying the LIFE YEARS SAVED clock in real time.