In the development of new medicines, clinical trials are conducted to prove therapeutic safety and effectiveness and compile the evidence needed for the Food and Drug Administration (FDA) to approve treatments. And the biopharmaceutical sector is committed to bringing new treatments and cures to patients. This commitment to innovation supports high-quality jobs and is a vital part of every state’s economy and our global economic competitiveness.
The overall economic impact of the biopharmaceutical industry on the U.S. economy is substantial. The biopharmaceutical industry accounted for more than $1.3 trillion in economic output, representing 4.0 percent of total U.S. output in 2015. This total economic impact includes $558 billion in revenues from biopharmaceutical businesses and $659 billion from suppliers and worker spending.
Total output supported by biophamaceutical sector
Output per employee in direct biopharmaceutical sector jobs
Clinical trials are vital to determining the impact of a new potential treatment. They are conducted to prove therapeutic safety and effectiveness and compile the evidence needed for the Food and Drug Administration (FDA) to approve treatments.
Nationally, the biopharmaceutical sector is a leading industry in commercializing new technologies and advancing high-growth potential start-up companies. States are recognizing the innovative strengths of the U.S. biopharmaceutical industry that have resulted in significant economic impacts across the country and are increasingly implementing a variety of programs and initiatives to grow the industry's footprint within their own borders.