The biopharmaceutical industry is the global leader in generating innovative medicines & technologies, lesser known is the role in sustaining economic growth.
Biopharma leads sustained economic growth driven by IP-intensive industries
While the biopharmaceutical industry is the global leader in generating innovative medicines and technologies, lesser known is the industry’s central role in sustaining economic growth. A recent study from NDP Analytics finds that intellectual property (IP)-intensive manufacturing industries have an outsized positive impact on the economy and support 57.6 million American jobs. The study also finds that the biopharmaceutical industry leads as a critical sector, driving economic progress and supporting quality jobs.
Across IP-intensive manufacturing industries, the biopharmaceutical industry leads across several key economic factors including:
These figures illustrate the biopharmaceutical industry’s crucial role in creating and supporting high-paying, high-value jobs. In addition to developing innovative treatments and cures and reducing preventable health care costs, the biopharmaceutical industry is a huge contributor to sustained economic growth and prosperity.
As the study demonstrates, IP-intensive industries, including the biopharmaceutical industry, help drive sustained economic growth, high-paying jobs, and investments in research & development. But these important economic contributions are undermined when intellectual property, the linchpin of the biopharmaceutical industry, is threatened. To protect continued economic progress, it’s crucial that strong intellectual property systems are protected.
