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Title:

Issue Brief: The Global Biotechnology and Pharmaceutical Industries

Authors:

Jason Matheny

Date posted:

January 15, 2007

Publication type:

Issue brief

Publication:

Center for Biosecurity of UPMC, January 15, 2007

Availability:

As PDF

See also:

Issue Brief as PDF

Introduction:

In 2005, the U.S. biotechnology and pharmaceutical industries generated revenues of $48 billion and $145 billion, respectively. These industries employed more than 400,000 people at an average wage of $72,600 — 86% higher than the U.S. private sector average.

Each job in the biotech industry generates an estimated 5.8 jobs in other industries, and each dollar in biotech earnings translates into an estimated $2.90 in earnings for other industries.

Public investments in biotech and pharma are cost-effective: 40% of the recent gains in life expectancy are attributable to pharmaceuticals, and each dollar invested in new medicines saves an estimated $6 in total health spending.

Issue Brief as PDF