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iopharmaceutical sector

iopharmaceutical sector are also significantly higher than the average for all private sector industries; individuals directly employed in the industry earned an average of $123,108 in wages and benefits, more than twice the average compensation ($57,149) of American workers generally. What’s more, the biopharmaceutical sector generates nearly $1.2 trillion in economic output annually when direct, indirect, and induced effects are considered (see Figure 12). 6 Biopharmaceutical exports are another strong indicator of the industry’s growing economic contributions. In 2015, US biopharmaceutical goods exports totaled $47 billion. And these exports have grown in recent years, nearly tripling between 2003 and 2015. 7 Among the most R&D-intensive manufacturing industries, the biopharmaceutical sector outpaces other sectors with a 9.9% annual growth rate in exports relative to an average annual growth rate of 4.6%. 8 FIGURE 12: The Economic Reach of the US Biopharmaceutical Industry Every biopharmaceutical sector job supports more than 4 additional jobs outside the industry. 854,000 direct jobs Innovative Biopharmaceutical Industry 1,710,000 indirect jobs Vendors and Suppliers 1,882,000 induced jobs 4,446,000 TOTAL JOBS Additional Private Economic Activity The biopharmaceutical industry supported more than 4.4 million jobs across the US economy in 2014. Source: TEConomy Partners; for PhRMA. The Economic Impact of the US Biopharmaceutical Industry. Columbus, OH: TEConomy Partners; April 2016. 34 Impact on the Economy and Biomedical Ecosystem

R&D-intensive industries, such as the biopharmaceutical industry, critically rely on patents and other intellectual property (IP) incentives to produce innovations and to support the high-skill, high-wage jobs that generate significant contributions to the US economy (see sidebar: Supporting STEM Jobs in the US Economy). In fact, industries relying heavily on IP have an outsized impact on the economy and consistently outperform other industries across a number of economic indicators. Thus, IP protections are key to driving the profound impact the biopharmaceutical industry has on the US economy as well as maintaining US leadership in the development of medicines in an increasingly knowledge-based and competitive global economy. 9 Continued growth of the biopharmaceutical research enterprise is needed to ensure the United States maintains its position as the world leader in biomedical innovation. Currently, the IP related to more than half of new medicines is invented in the United States. 10 And US researchers author the largest share of worldwide biomedical peer-reviewed publications. 11 The innovative biopharmaceutical industry is uniquely positioned to help maintain US leadership in new technologies and scientific breakthroughs that will continue to create highquality, high-wage R&D and manufacturing jobs and enhance America’s global competitiveness in the future. ECONOMIC IMPACT OF CLINICAL TRIALS Of the billions of dollars spent on R&D each year by the biopharmaceutical industry, the majority is spent on clinical research. In the United States, the industry is responsible for the vast majority of this development work, accounting for roughly 90% of all spending on clinical trials to test medicines and medical devices. 14 Industry-funded clinical trials are typically conducted in collaboration with a broad range of local institutions, including academic medical research centers, contract research organizations, university medical and pharmacy schools, hospitals, and foundations. Perhaps no partner is more critical to the R&D process than patients, and our nation’s innovative biopharmaceutical companies are increasingly seeking to incorporate the patient perspective throughout all elements of the R&D process. SUPPORTING STEM JOBS IN THE US ECONOMY Continued scientific and technological innovations are critical to fostering sustained economic growth and global competitiveness. A key element of harnessing new scientific discoveries to build technological advances is a 21st century workforce with educational qualifications and professional mastery in science, technology, engineering, and mathematics (STEM). According to the Department of Labor, the STEM workforce accounts “for more than 50 percent of the nation’s sustained economic growth.” 12 As an industry rooted in science, the biopharmaceutical industry is a leading employer of the US-based STEM workforce, employing nearly 13% of the nation’s manufacturing R&D workforce—the highest share among all manufacturing industries (see Figure 13). 13 Impact on the Economy and Biomedical Ecosystem 35

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