I want to thank Chairman Hatch and Senator Leahy for holding this hearing on S 1172. I also want to acknowledge two people who were instrumental in drafting this legislation. Dick Kogan of Schering-Plough and Agnes Veris. New Jersey is home to the brand name and generic pharmaceutical industry. But beyond the jobs and taxes, they are part of an industry that is changing the way America lives and ages.
Patent protection is the basis of the pharmaceutical industry.
Most of us take for granted the development of these drugs. However, the generic industry also plays an extremely important role in the promoting market competition and cost reductions for consumers. I am extremely appreciative that, despite testimony this committee may hear to the contrary, many members of generic industry are working with us in a constructive dialogue to improve this bill and move forward. S 1172 reflects compromises made between different interests in this debate. I hope today that we will learn about the historical issues behind the issue of pipeline drugs but that we will also discuss changes and additions to the legislation that the witnesses think necessary and appropriate.