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We Work For Health

Address:
1990 M St NW
#310
Washington, DC 20036, US

Category: Service Suppliers/Vendors

Used in the following map:

Maryland Biotech Industry Map

America’s biopharmaceutical sector helps to research, manufacture, distribute and promote innovative therapies that make a critical difference in the lives of millions of people. In the last ten years, scientists have discovered and developed more than 300 completely new medicines, vaccines and biologics approved by FDA.

The value of this sector, however, extends beyond life-enhancing advancements in medicine and includes great contributions to United States economy. As vital economic partners, biopharmaceutical companies generate tax revenue, create high-paying jobs and provide growth opportunities for related industries and domestic labor. In fact:

Biopharmaceutical companies supported a total of 3.1 million jobs in the U.S. in 2008 – 655,025 directly in the sector and 2,439,928 in other sectors.
Direct biopharmaceutical wages in the U.S. were estimated to be $114.6 billion in 2008, approximately three and a half times the average GDP contribution per sector in the rest of the U.S. economy.
In 2010, U.S. scientists and researchers were conducting 15,134 studies to develop medicines targeting cancers, rare diseases, and other important conditions.
In 2008, biopharmaceutical companies invested $63.7 billion in research and development of new medicines, of which about $51 billion was for research conducted in the U.S.
In addition, many biopharmaceutical companies provide philanthropic assistance in their local communities through support of access to affordable products, education, social services, arts and other community needs.

To learn more, download the fact sheet (PDF): The Biopharmaceutical Sector’s Impact on the Economy of the U.S.