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Influencers have the power to positively change the status quo because of their authority, knowledge, position, or relationship with their audience.
The United States is the largest market for biopharmaceuticals, accounting for about one-third of the global market, and is the world leader in biopharmaceutical R&D. According to PhRMA, U.S. firms conduct more than half the world’s R&D in pharmaceuticals ($75 billion) and hold the intellectual property rights on most new medicines. The overall economic impact of the biopharmaceutical industry on the U.S. economy is substantial. The industry accounted for more than $1.3 trillion in economic output, representing 4% of total U.S. output in 2015 alone. This total economic impact includes $558 billion in revenue from biopharmaceutical businesses and $659 billion from suppliers and worker spending.
More than 800,000 people work in the biopharmaceutical industry in the United States across a broad range of occupations, including scientific research, technical support, and manufacturing. Directly and indirectly, the industry supports more than 4.7 million jobs across the United States. The industry requires a highly skilled and educated workforce from the administrative level up to and including Ph.D. scientists.
New reports from the FDA indicate a total of 56 novel new medicines were approved in 2019. Among these, 48 were approved by the Center for Drug Evaluation and Research (CDER) and eight were approved by the Center for Biologics Evaluation and Research (CBER). While medicine approval numbers vary each year, 2019 saw exciting advancements in drug development. These strong approval figures demonstrate biopharmaceutical companies’ unwavering commitment to developing innovative treatments for patients, offering hope for improved health outcomes.(PV)