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

strated in a new study conducted by Archstone Consulting and Dr. Lawton R. Burns, Director, The Wharton Center for Health Management and Economics at The Wharton School, University of Pennsylvania. Entitled The Biopharmaceutical Sector's Impact on the U.S. Economy: Analysis at the National, State, and Local Levels, the study found that domestic R&D spending by biopharmaceutical companies equaled roughly $65,000 per direct employee in 2006 - about eight times the published estimates of R&D spending per employee in all manufacturing industries between 2000 and 2004.

In fact, roughly one-quarter of the more than 686,000 direct employees of the sector were engaged in life, physical or social sciences research in 2006, the study shows. This research-intensive sector also supported 1 million indirect jobs and 1.5 million induced jobs that year.

Perhaps one of the strongest signs of potential for future growth - and recovery - is a sector's contribution to gross domestic product. According to the study, the sector's direct contribution to the U.S. GDP of $88.5 billion was triple the average contribution from sectors in the rest of the economy in 2006. The same ripple effect that supported indirect and induced jobs also had a ripple effect on GDP, with every dollar contributed to GDP by biopharmaceutical companies supporting another $2.33 in contribution from other sectors in 2006.

Michael Eckstut, Principal and Life Sciences and Strategy Practice Leader, Archstone Consulting, commented, "Our research indicates that the biopharmaceutical sector has made a substantial contribution to U.S. economic growth, and that on average, this sector contributed more to GDP on a per employee basis and grew faster than the rest of the economy from 1996 to 2006."

"America's pharmaceutical research and biotechnology companies are not immune to the challenges presented by our current economic cris
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SOURCE Pharmaceutical Research and Manufacturers of America
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