For decades, the United States has led the world in pharmaceutical innovation — developing drugs that combat cancer, heart disease, AIDS, diabetes and other killer diseases. One recent study found that "in health-sciences output in the Nature Index, the United States' Share is almost 8,500, higher than the next 10 leading countries combined."

The industry's research and development has saved and improved tens of millions of lives in the U.S. alone and perhaps 10 times that number around the world. Yet somehow Washington has come to regard the industry as a villain.