The Biopharmaceutical Industry: Creating Research, Progress and Hope
America’s biopharmaceutical industry is the global leader in medical innovation, with more than 500 new medicines approved by the Food and Drug Administration since 2000.
In 2014, PhRMA member companies invested $51.2 billion in research in development of new medicines and over half a trillion dollars since 2000.
The biopharmaceutical pipeline has over 7,000 new medicines currently in development around the world. According to another data source, approximately 3,500 compounds are currently being studied in the United States—more than in any other region around the world.
Creating Jobs Across America
The impact of the biopharmaceutical sector is evident not only in treatment savings but also in economic activity.
- More than 810,000 people work in the biopharmaceutical industry in the United States, and
- The industry supports a total of nearly 3.4 million jobs across the economy, including jobs directly in biopharmaceutical companies, jobs with vendor companies in the broad biopharmaceutical supply chain, and jobs created by the economic activity of the biopharmaceutical industry workforce.
The biopharmaceutical sector is one of the most R&D-intensive in the United States, with companies investing more than 10 times the amount of R&D per employee than all manufacturing industries overall.