PhRMA Releases New Data on Biopharmaceutical Industry’s Contributions to Local, State Economies
Results from 17 states represent nearly $53 billion spent with broad network of large, small businesses
Washington, D.C. (November 13, 2012) — Today, the Pharmaceutical Research and Manufacturers of America (PhRMA) released new data highlighting the biopharmaceutical industry’s vital role in contributing to the U.S. economy. The data represent approximately $53 billion across 17 states, spent with businesses that provide important services and supplies in support of the industry’s mission to bring new medicines to patients. The results provide data at the local level for a subset of biopharmaceutical companies, and offer an impression of the industry’s impact on communities across the country.
"These findings illustrate the interconnectedness of the biopharmaceutical industry across communities," said John J. Castellani, President and CEO of PhRMA. "Our industry’s contribution to the economy extends well-beyond the doors of biopharmaceutical companies to a wide range of businesses that are crucial to vast technology, research, and development efforts, the production and distribution of medicines for patients and to our nation’s ongoing economic recovery."
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research and biotechnology companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier, and more productive lives. Since 2000, PhRMA member companies have invested over $500 billion in the search for new treatments and cures, including an estimated $49.5 billion in 2011 alone.
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For information on how innovative medicines save lives, visit: http://www.innovation.org
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