The biopharmaceutical industry doesn’t just contribute to the development of innovative new medicines, it contributes to the growth of our economy by investing in innovation and the development of America’s workforce. Here are three reasons the biopharmaceutical industry spurs economic activity and generates jobs across a whole range of sectors:
1. Employing America
Nearly 803,000 people are directly employed by the U.S. biopharmaceutical sector. The industry also indirectly supports another 3.9 million jobs across the country. Altogether, the U.S. biopharmaceutical industry, directly and indirectly, supported more than 4.7 million U.S. jobs in 2014.
2. It's a Big Part of the National Economy
The biopharmaceutical sector’s economic output was more than $558 billion in the United States in 2014, but just like with employment, the sector’s economic impact amounts to more than direct output. It also supported another $659 billion of output through its vendors and suppliers and through the economic activity of its workforce, for a total of $1.2 trillion. That’s 3.8 percent of total U.S. output in 2014.
3. American Standards
The biopharmaceutical sector isn’t just creating jobs, it’s creating high-quality opportunities that raise the standard of living for the American worker. The industry relies on highly skilled talent across a range of occupational categories and educational levels. On average, annual wages and benefits within the biopharmaceutical industry are $123,000–that’s more than twice the average across all industries.