America’s biopharmaceutical research companies are making significant investments in STEM (science, technology, engineering and mathematics) education to support career paths within the industry, according to a survey of the country’s leading biopharmaceutical companies conducted by TEConomy.
Why it matters: Every stage of the biopharmaceutical life cycle — from research and development to manufacturing and shipping — relies heavily on highly skilled individuals with knowledge and experiences in STEM. A strong biopharmaceutical research industry depends on a deep pool of talent with education and skills in these critical fields.
Many research companies — approximately 90% of those surveyed – experience difficulties recruiting the skilled talent that they need. The TEConomy report notes that 70% of companies believe STEM-related skills and workforce shortages have increased over time. That’s why the industry is making a sustained investment to advance STEM education programs for students and teachers across all education levels.
The details: Based on a survey of 10 PhRMA member companies, the report details how companies partner with schools, the focus of their programming, the level of company investment, and the programs’ impacts. While not representative of the entire industry, the report provides a clear snapshot of the industry’s commitment to expanding STEM education. According to the TEConomy report:
- Biopharmaceutical companies have created and continue to support 37 STEM education programs across the U.S., including scholarships, internships, summer school, science fairs and professional development for teachers.
- An estimated 111 million students and nearly 183,000 teachers have participated in these programs over a five-year period with financial support totaling $180 million in that time.
- Nearly 90% (32 out of 37) of programs are specifically geared toward engaging students and teachers who have been traditionally underrepresented in the STEM fields.
- More than 35,000 employees within the biopharmaceutical industry have donated approximately 103,000 volunteer hours to help further STEM education.
Go deeper:
- To read the full TEConomy report, including specific examples of how companies are investing in STEM education, click here.
- Investment in STEM is just one way the industry is opening doors to careers in biopharmaceutical research, development and manufacturing. For example, companies have participated in an annual graduate summit and career expo hosted by PhRMA to help expand and diversify the workforce.
- The industry’s total economic footprint includes an employment impact of more than 4.9 million jobs, wages and benefits that exceed $157,000 per worker – twice the national average across all industries — and more than $800 billion in economic output.
America’s biopharmaceutical research companies make significant investments in the research and development of innovative medicines that improve the health and well-being of patients and society and push forward the frontiers of science. Investing in STEM education is one more way that our industry is making a difference in the lives of countless Americans in communities from coast to coast.
Lauren Olcott
Lauren Olcott is Senior Manager, Policy & Research at the Pharmaceutical Research and Manufacturers of America. At PhRMA, Lauren’s work seeks to improve policymakers’ understanding of the biopharmaceutical R&D process and promote the valuable impact that innovative medicines have on patients and society. In addition, Lauren focuses on improving patient access to medicines through her work on policy regarding the Medicare Advantage program and innovative financing solutions. Lauren holds a BA from UCLA and a Masters of Public Policy from the George Washington University.
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"Industry-backed STEM programs have supported 111 million students and nearly 183,000 teachers"
Economic Impact
Research and Development
STEM
Industry-backed STEM programs have supported 111 million students and nearly 183,000 teachers
"Industry-backed STEM programs have supported 111 million students and nearly 183,000 teachers"