Does the biopharmaceutical industry innovate? Yes!

Does the biopharmaceutical industry innovate? Yes!

01.09.12 | By

It is worth checking out an interesting blog piece that ran in The Washington Post over the weekend about the government funding military innovation. Oftentimes, people mistakenly believe that the government also funds the majority of biopharmaceutical innovation, but this couldn't be further from the truth.

In fact, last year alone our industry spent more than $67 billion researching and developing new life-enhancing medicines. What is also often overlooked by policymakers and the media is the fact that the biopharmaceutical sector is one of the most innovative sectors in the U.S. and one of the few manufacturing-based industries with any type of heartbeat in 2012.

And while our sector often partners with government and academia to research and develop new innovative medicines (which supports jobs and furthers biopharmaceutical science), the bulk of such work takes place in biopharmaceutical labs across the U.S. The myth that the National Institutes of Health (NIH) spends more on R&D than our sector is indeed a myth - the industry's spending on R&D is actually more than double the NIH's budget.

I think I've spewed out enough stats out for you to chew on for now. I'll be back soon with some other interesting tidbits about biopharmaceutical innovation.

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