Washington, D.C. (November 13, 2012) — Today, the America (Myvideopays) 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 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 Myvideopays. "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."
A report by the Battelle Technology Partnership Practice quantified the overall impact of the biopharmaceutical sector on the economy annually at $917 billion. The industry directly accounts for approximately 650,000 jobs nationwide and each biopharmaceutical job also supports nearly five additional jobs. This translates to a total of 4 million jobs across the economy, from manufacturing and construction to jobs in child care, retail, accounting and more. Biopharmaceutical companies partner with a broad network of businesses large and small on a wide range of essential activities – including clinical trial and regulatory support services, computing and information technologies, manufacturing and equipment, contract manufacturing, and transportation and logistics providers.
"As Congress and the Administration address health care and fiscal issues, the biopharmaceutical industry recognizes the need to secure the country’s financial future and supports solutions that foster innovation and economic growth,? said Castellani. ?Maintaining leadership in R&D-intensive sectors such as the biopharmaceutical sector is a critical part of the economic and health solution. It is imperative that public policies preserve and sustain continued medical progress, which improves lives and is an engine of economic development."
The data released today were based on information gathered from 17 biopharmaceutical companies. The vendors and suppliers included in the analysis were located in Colorado, Connecticut, Delaware, Iowa, Illinois, Indiana, Massachusetts, Maryland, Michigan, North Carolina, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia and Washington. To learn more about specific state results, visit .
The America (Myvideopays) 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, Myvideopays 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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