Biotech firms spent $58.8 billion on R&D in 2007

SAN FRANCISCO According to an analysis by Burrill and Company and the Pharmaceutical Research and Manufacturers of America, the biotech industry’s investment into research and development of new medicines was $58.8 billion in 2007.

The report also showed the PhRMA-member companies spent about $44.5 billion on research and development last year by themselves; this was a slight increase from the record number of 2006 which was $43 billion. Non-PhRMA companies spent about $14.3 billion, up from $12.2 billion in 2006.

“America’s biopharmaceutical research companies continue to pave the way for the development of future treatments and cures,” said PhRMA president and chief executive Billy Tauzin. “Simply put, R&D is the lifeblood of U.S. pharmaceutical innovators. Last year’s investment builds on over 25 years of growth in R&D spending as our researchers continue the search for new and improved therapies to tackle a wide range of diseases and conditions such as cancer, heart disease, HIV/AIDS and Alzheimer’s.”