Last year America's biopharmaceutical research companies invested a record $67.4 billion in the research and development of new medicines and vaccines. This was an increase of $1.5 billion from 2009, according to analyses by the Pharmaceutical Research and Manufacturers of America (PhRMA) and Burrill & Co..
Among PhRMA member companies, more than 75% of research dollars were invested in the U.S. Over the past decade, biopharmaceutical companies have consistently invested around 19% of domestic sales on R&D activities; in 2010, that figure jumped to 20.5%.
"America's biopharmaceutical research companies encounter significant challenges throughout the research and development process, but still they do not falter in their commitment," said PhRMA CEO John J. Castellani.
The industry association also points out that research leads to jobs. Around 655,000 people in the U.S. worked for America's biopharmaceutical research companies in 2008 (the most recent year that data were available) with each of those jobs supported 3.7 additional jobs. This translated to a total of nearly 3.1 million jobs supported by the sector, according to a study conducted by Archstone Consulting.
However the organizatin warns that "foreign governments are trying to lure America's biopharmaceutical community away from us," says Castellani. "As our companies continue to pursue the R&D that is the lifeblood of the sector, we encourage lawmakers to implement a national medical innovation agenda that will establish reliable regulatory and reimbursement policies, promote intellectual property incentives, and sustain our R&D infrastructure to support tomorrow's biopharmaceutical sector."