PhRMA: Member companies invested $58.8B into R&D last year

WASHINGTON — Members of the Pharmaceutical Research and Manufacturers of America invested some $58.8 billion into research and development in 2015, according to the organization’s annual member survey. According to PhRMA, the investment in R&D from its members is on average six times more than that of other manufacturing industries.   

 

“Investing more than half a trillion dollars in R&D since 2000, our member companies remain tireless in their commitment to driving innovation and delivering greater value than ever before,” PhRMA president and CEO Stephen Ubl said. “It is through this increased R&D that the U.S. biopharmaceutical industry continues to lead the world in the development of new medicines to address unmet medical needs of patients.”

 

PhRMA said that the money poured into research has led to more medicines in clinical development than ever before and that the Food and Drug Administration has approved 550 medicines between 2000 and 2015. The PhRMA report also notes that the innovative biopharmaceutical industry encompasses 854,000 direct jobs, as well as another 1.7 million indirect jobs among vendors and suppliers. 

 

“Continued growth of the biopharmaceutical research enterprise is needed to ensure the United States maintains its position as the world leader in biomedical innovation,” the report said.