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R&D Spending by U.S. Biopharmaceutical Companies Reaches Record Levels in 2008 Despite Economic Challenges
Date:3/10/2009

WASHINGTON, March 10 /PRNewswire-USNewswire/ -- Despite the nation's economic slowdown, America's pharmaceutical research and biotechnology companies invested a record $65.2 billion last year in the research and development of new life-changing medicines and vaccines - an increase of roughly $2 billion from 2007, according to analyses by the Pharmaceutical Research and Manufacturers of America (PhRMA) and Burrill & Company.

PhRMA-member companies alone invested an estimated $50.3 billion on pharmaceutical R&D last year - up from the previous record of $47.9 billion in 2007, according to the PhRMA survey. Additionally, the Burrill & Company analysis shows that non-PhRMA pharmaceutical research companies spent an estimated $14.9 billion on R&D last year.

This record R&D investment reflects the continued commitment of America's pharmaceutical research and biotechnology companies (also known collectively as the biopharmaceutical sector) to lead the world in the pursuit of new, life-saving and life-enhancing medicines. The foremost beneficiaries of this dedication are patients, who are living longer, healthier, more productive lives, thanks in part to the new medicines generated by these research efforts.

While the innovative process, which is costly, time-consuming and risky, has always presented challenges, the current economic climate compounds those challenges. However, the data show that the drive toward innovation remains strong.

The sector's R&D focus also provides considerable value to the U.S. economy. At a time when many industries are seeking help just to stay afloat, pharmaceutical research companies are devoting the vast majority of their R&D investment within America. In fact, PhRMA member companies dedicated roughly 70 percent of their R&D investment domestically.

The sector's contribution to the nation's economy is further illu
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SOURCE Pharmaceutical Research and Manufacturers of America
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