Economic Impact Report

The Biopharmaceutical Industry Boosts the U.S. Economy

The men and women of America’s biopharmaceutical sector strive every day to discover, develop and deliver innovative medicines. This research and innovation results in high-wage jobs, significant tax revenues and growing economic outputs for local communities, as well as ensuring that patients across the country and around the world are benefiting from the latest treatments and cures.

According to a 2019 report prepared by TEConomy Partners, LLC for PhRMA, “The U.S. biopharmaceutical industry is not only a world leader in the development of new medicines, vaccines, and diagnostics and one of our nation’s top performing industry innovation drivers, but is also a highly valuable industry in terms of its economic contributions and impacts.”

As a national leader, the biopharmaceutical sector’s research and development (R&D) enterprise drives these economic impacts. In fact, biopharmaceutical manufacturers spend more in R&D relative to sales than any other manufacturing industry, investing more than six times the average for all manufacturing industries.

Explore all fact sheets at the Industry Economic Impact page for the entire U.S., the 50 states and the District of Columbia on this map.

Download the full 2017 Economic Impact of the U.S. Biopharmaceutical Industry report below.