Lack of certainty decreases willingness for biotech innovation that sustains global supply chains.

A fourth reason biotech products are so sensitive to patent challenges is the expense and risk involved in developing a new drug. The average cost of developing a new drug and getting it to market is a staggering $2 billion.67 The problem is apparent from an earlier report showing a funding gap of over $1 billion in the European market.6 8 Coupled with the expense, developing a new drug is an incredibly risky financial undertaking. The percentage of drugs that make it to clinical trials is only about 30%, and only 0.02% of all drugs developed ever make it to market.69 Because it takes over a decade to begin to recoup such costs, biotech companies must rely heavily on patent certainty in the future.70 With less certainty of a return on investment comes a far more difficult time enticing venture capitalists to finance a new business. 71

E. Biotech Companies Provide a Valuable Service to the Public

Beyond the mere financial benefit for biotech companies,72 the global public is profoundly dependent on biotech products. The world's population is expanding, and new advances in genetically modified (GM) food will allow for more food growth using fewer resources. Humanity is experiencing the longest life expectancy in history, and it depends on new drugs to cure a variety of maladies from diabetes to arthritis to cancer. 74 While weaker patent protection may seem beneficial because it creates lower prices in the short-term, fewer venture capitalists would be willing to invest in innovative companies without the ability to recoup R&D expenses.