America’s biopharmaceutical companies help research, manufacture, distribute and promote innovative therapies that make a critical difference in the lives of millions of people. In the last ten years, scientists have discovered and developed more than 300 completely new medicines, vaccines and biologics approved by FDA.
Biopharmaceutical companies are also vital economic partners, generating tax revenue, creating high-paying jobs and providing growth opportunities for related industries and domestic labor. In fact:
- The industry provides jobs in all 50 states, Washington, D.C., and Puerto Rico. States in which the national biopharmaceutical sector supported the largest number of jobs in 2006 included: California, New York, New Jersey, Pennsylvania, and Illinois.
- Biopharmaceutical companies directly provided 686,422 jobs in 2006 and supported an estimated 3.2 million jobs across the U.S. economy when accounting its full ripple effect (i.e., direct, indirect, and induced jobs).
- The industry’s direct contribution to the GDP in 2006, $88.5 billion, was triple the average contribution from sectors in the rest of the economy. For every dollar the industry contributed to the GDP in 2006, the ripple effect of that activity supported another $2.33 in contribution to the GDP from other sectors.
- In 2006, U.S. biopharmaceutical companies invested $56.1 billion in research and development of new medicines.
In addition, many biopharmaceutical companies provide philanthropic assistance in their local communities through support of access to affordable products, education, social services, arts and other community needs.
The biopharmaceutical sector is committed to helping Americans lead longer, healthier lives and are steadfastly working to strengthen the economy.
To learn more, download the following report: The Biopharmaceutical Sector’s Impact on the U.S. Economy: Analysis at the National, State, and Local Levels by Archstone Consulting.
President, Greater Des Moines Partnership
President, MedCara Pharmaceuticals
President, Iowa Business Council
Dr. Andy McGuire
Physician and Business Leader
Robert Riley, Jr.
Iowa Innovation Council
Dr. Rob Denson
President, Des Moines Area Community College
Executive Director, Iowa Biotechnology Association