Big pharma executives defend patent system for research investment at House hearing

West Virginia Congresswoman Carol Miller says at a House Oversight and Reform Committee hearing on prescription drug pricing that many colleagues would have all believe that margin rights were necessary for the well being of the American public many governments could take back patents from drug companies, Bristol Myers Squibb CEO Giovanni Caforio answering that could chill innovation so intellectual property protection was one reason the industry could make low term investments in research and development, Teva Pharmaceuticals CEO Kare Schultz adding that was basically the foundation for innovation in pharmaceuticals him if there were no protection in 10 or 20 years of research and development of what it would undertake that risk because there would simply be no balance between risk and reward.