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R&D Spending by U.S. Biopharmaceutical Companies Reaches Record $58.8 Billion in 2007
Date:3/24/2008

WASHINGTON, March 24 /PRNewswire-USNewswire/ -- America's pharmaceutical and biotechnology research companies invested a record $58.8 billion last year in the research and development of new life-changing medicines and vaccines -- an increase of nearly $3 billion from 2006, according to analyses by the Pharmaceutical Research and Manufacturers of America (PhRMA) and Burrill & Company. The release of the report coincides with PhRMA's 50th anniversary, which it observes today.

This record R&D investment reflects the continued commitment of America's pharmaceutical research companies to lead the world in the pursuit of new, life-saving and life-enhancing medicines.

PhRMA-member companies alone spent an estimated $44.5 billion on pharmaceutical R&D last year -- up from the previous record of $43 billion in 2006, according to the PhRMA survey. The Burrill & Company analysis shows that non-PhRMA pharmaceutical research companies in the United States spent an estimated $14.3 billion on R&D last year, compared with $12.2 billion in 2006.

Investment in research and development by America's pharmaceutical research companies grew modestly last year, despite a challenging economic environment and a continuing sharp deceleration in drug spending growth. Although the rate of R&D growth was slower than in prior years, research spending as a percentage of sales remained high. Over the past seven years, America's pharmaceutical research companies have consistently invested around 18 percent of sales on R&D activities.

As in past years, there are an increasing number of potential new drugs entering clinical testing. Today, there are more than 2,700 medicines in development in the U.S. for nearly 4,600 different indications. Five years ago, there were about 2,000 medicines in development.

U.S. pharmaceutical companies' dedication to research has been observed by many independent, objective experts. For instance, the nonpartisan Congr
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SOURCE Pharmaceutical Research and Manufacturers of America
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