US biopharmaceutical industry generates more than $1.1 trillion in revenue
According to a new report, the US biopharmaceutical industry supports more than four million jobs and is a major driver of the country’s economic growth.
A new report suggests that the US biopharmaceutical industry supports around four million jobs and creates more than $1.1 trillion in economic output.
According to the report by TEConomy Partners, the competitive ecosystem of the industry constantly pushing for new medicines is a major driver of US economic growth. The report states that while some states have significantly more employment in the biopharmaceutical industry than others, the industry as a whole supports a sizable number of jobs in every US state, the District of Columbia and Puerto Rico.
Aside from the direct economic impact of the US biopharmaceutical industry, the report also shows that the jobs it provides are high-paying, resulting in larger tax revenues across the US.
Some of the key conclusions from the report are that the US biopharmaceutical industry:
- supports more than four million jobs by directly employing more than 811,000 people and each of those jobs supporting four additional jobs in other industries
- generates more than $1.1 trillion in economic output, representing the total value of goods and services produced by the biopharmaceutical industry, its vendors, suppliers and the companies that serve its employees
- contributes $66.6 billion in federal, state and local tax revenues.