"Save Economy," Save Lives

"Save Economy," Save Lives

04.05.11 | By Kate Connors

Huffington Post yesterday published an article listing the "10 Companies That Will Save the American Economy," choosing "those that are most likely to develop products and services which will allow global GDP [gross domestic product] growth to continue.

Reading this article, I was glad to see that a biopharmaceutical research company was included on the list. After all, according to a report done by Archstone Consulting on PhRMA's behalf, our sector's direct contribution to GDP in 2008 (the most recent year that data were available), was $114.6 billion - or approximately three-and-a-half times the average contribution per sector in the rest of the economy.

In fact, each job in the sector contributed more than double the average contribution from jobs throughout the rest of the economy.

There's another consideration worth pointing out, though. The article says that inclusion on the list was based on the following critical global needs: "the ability to organize and control information, the ability to cure disease [emphasis mine], the ability to control the efficient use and distribution of natural resources, the ability to educate broad groups of people and the ability to transport people and cargo."

These are all important goals, but only one on the list - the biopharmaceutical research company - strives for that second point: to cure disease.

The most important takeaway, in my opinion, comes at the end of the article: "America's advantages due to these firms could falter if their ability to innovate stalls."

This is true of all biopharmaceutical research companies, and the advantages of which the authors write are not just financial - they're human.

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