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America is the world leader in medical innovation – to the benefit of patients and the U.S. economy.
America’s biopharmaceutical research companies support more than 3 million jobs around the country, paying roughly three times as much in federal and state taxes as employees in the rest of the economy. In addition, the sector’s direct contribution to GDP in 2008 (the most recent year that data were available) was approximately three and a half times the average contribution per sector in the rest of the economy.
Meanwhile, life expectancy in the U.S. is at a record level – former FDA commissioner Mark McClellan said that “new drugs are no small part of this medical miracle” – and once-fatal chronic diseases are now seen as controllable conditions.
Unfortunately, without sound policies that promote continued investment in innovation and a commitment to R&D (and the jobs that it provides), this global leadership is ours to lose.
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