Innovation supports the economy

Innovation supports the economy

Investment in biopharmaceutical innovation not only save lives and give hope to patients to go ahead but also drive tremendous contributions to the economy1.

United States:

In 2017, biopharmaceutical companies invested about $97 billion in R&D.

The industry supports more than 4 million jobs across the country, and more than 800,000 employees across companies go to work every day to research and develop new treatments and cures for patients1.

In 2017, biopharmaceutical companies sponsored more than 4,500 clinical trials in the United States alone. The industry’s U.S. manufacturing footprint is also extensive, with more than 1,100 facilities across 45 states currently manufacturing FDA-approved medicines and related products.10. The combined effects of biopharmaceutical direct jobs, supply chain and wages and benefits resulted in more than $1 trillion in economic output in 201710.

Europe:

The biopharmaceutical industry makes a significant contribution also to the European economy11.

Bibliography

  1. https://www.phrma.org/Profile-Booklet
  2. https://www.efpia.eu/Meds-Changing
  3. 50-years-of-global-health-progress-report-ifpma-sustainability-2018/li>
  4. Health Advances analysis; WHO Mortality Database (accessed February 2016)
  5. Frank R. Lichtenberg (2015) Pharmaceutical Innovation, Longevity, and Medical Expenditure in Greece, 1995–2010, International Journal of the Economics of Business, 22:2, 277-299.
  6. https://catalyst.phrma.org/new-report
  7. Lichtenberg 2009 Have newer CV drugs reduced hospitalization in 20 OECD countries Health Econ.
  8. Health Advances analysis, Preaud 2014 Annual public health and economic benefits of seasonal influenza vaccination
  9. Fantoni 2010 Factors related to return to work by women with breast cancer in Northern France J Occup Rehab;
  10. https://www.phrma.org/Biopharmaceutical.pdf
  11. https://efpia.eu/publications/data-center