Across the country, the biopharmaceutical sector supports millions of jobs in its pursuit to discover ground-breaking treatments and cures for patients around the world.
The impact of the industry is far-reaching. Along with the researchers who play pivotal roles in driving biopharmaceutical research forward, the industry employs people with a diversity of educational backgrounds in a wide range of occupations, all of whom play a crucial part in the development, production and delivery of medicines.
A new report from TEConomy Partners found that the biopharmaceutical industry supports over four million jobs and over $1.1 trillion in economic output. This report confirms that the competitive ecosystem created by the pursuit of new cures and treatments is a driver of our nation’s economic growth and a key differentiator among state and regional economies. The report documents that while some states have significantly more employment in the biopharmaceutical industry than others, the industry supports a sizable number of jobs in every U.S. state, the District of Columbia and Puerto Rico. The data also confirms that the industry’s contributions provide high-wage jobs that translate into tax revenues and immense economic output that benefit communities from coast to coast.
Here are some notable highlights from the report:
- More than 4 million jobs supported across the U.S. economy. The biopharmaceutical industry directly employs more than 811,000 people, and each of those jobs supports four additional jobs in other industries.
- More than $1.1 trillion in economic output, representing the total value of goods and services produced by the biopharmaceutical industry, its vendors and suppliers and the companies that serve its employees.
- $66.6 billion in federal, state and local tax revenues – personal taxes paid by workers whose jobs are supported by the industry.
- 37 percent of industry jobs are in STEM occupations, more than six times the private sector average.
The report demonstrates the important role the biopharmaceutical industry plays in the country’s economy, promoting U.S. innovation and economic competitiveness in the pursuit and production of ground-breaking medical discoveries.