Now I would like to turn the call over to Mr. Joel Marcus. Please go ahead.
Thanks, Rhonda, and welcome, everybody, to the second quarter conference call. With me today are Dean Shigenaga, Steve Richardson, Peter Moglia, Krupal Raval. I guess I would like to start out with a bit of a macro view for I guess the second quarter which really epitomizes – I think where we see things today from a strategic advantage point. And that is scientific advancement as a team froth that can be best done in a bio-pharma hub with multiple players that’s what Boston is to us.
And this was a quote recently in a interview by Elias Zerhouni he was President of the Global Research at Sanofi and as many of you know he was former head of the NIH, who really pioneered translational research in areas best positioned to take maximum advantage of this. I’d kind of like to label the macro industry comments today, what I’d call the gathering pipeline momentum. We’re witnessing a perfect explosion of biotech products, earnings and expansion, really what I call the biotech business. And just to name a few companies that are participating, many of which are our clients, Amgen, Celgene, Biogen Idec, Gilead, Alexion, Vertex, and Onyx.
If you look at the markets, the Supreme Court’s confirmation that the constitutionality of essentially Obamacare will move U.S. to full coverage of over 300 million people, which means the market, will be increasing and clearly the increasing of the emerging markets is – where big pharma is heavily focused as well. Last year, the U.S. spent $320 billion on medicine, so there certainly is a robust business.
Today’s climate is actually a lot better than you might think the FDA’s been doing over the last year or two, a much better job, I think from the industry perspective, a job of – approval of new medicines. And if you look at through today 7/31/ 2012, 18 drugs have been approved and an amazing 50% of which were ARE client tenants. The PDUFA law that was just enacted, included some very important helpful attributes for the biotech and the pharma industry, including confirmation of 12-year data exclusivity, fast track approval for new noble drugs which we were involved with and I think it’s also fair to say that based on what we hear from Washington, it appear that the NIH will be spared cuts if we get an election that makes sense here. So, we’re hopeful about that.