SAN FRANCISCO, March 10 /PRNewswire/ -- New statistics just released reveal that R&D investment in new medicines by the biopharmaceutical industry was $65.2 billion in 2008, an increase of 3 percent from 2007, according to a combined analysis conducted by Burrill & Company, a San Francisco based global leader in life sciences whose principal activities are in Venture Capital, Private Equity, Merchant Banking and Media and the Washington DC-based Pharmaceutical Research and Manufacturers of America (PhRMA).
PhRMA-member companies alone spent an estimated $50.3 billion on pharmaceutical R&D last year -- up 5 percent from the 2007 total of $47.9 billion in 2007, according to a PhRMA survey. The Burrill & Company analysis shows that non-PhRMA pharmaceutical research companies in the United States spent an estimated $14.9 billion on R&D last year, compared with $15.3 billion in 2007.
"This is the fifth year that we have joined with PhRMA to report industry-wide biopharmaceutical research and development expenditures," said G. Steven Burrill, CEO of Burrill & Company. "The growth in R&D investment shows the industry's commitment to support important advances in better medicines and new treatments for patients made by research scientists and physicians."
"America's biopharmaceutical companies are not immune to the challenges presented by our current economic crisis," said PhRMA President and CEO Billy Tauzin. "However, the important work that we do every day in the battle with disease cannot stop. The U.S. is the world's hotbed of medical innovation, and throughout the country, we remain committed today to finding tomorrow's cures, despite the incredible challenges that are posed by the current economy."
Record investment in R&D is leading America's pharmaceutical research and biotechnology companies toward record levels of clinical testing of new medicines. Today, th
|SOURCE Burrill & Company|
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