A new report prepared for PhRMA by TEConomy Partners, LLC, shows that the biopharmaceutical sector spurs economic activity and generates jobs across a whole range of industries.
According to the report, for every one job, more than four additional jobs are supported outside of the industry to help support nearly 4.5 million U.S. jobs in 2014.
In addition, the biopharmaceutical sector’s economic output, which represents the value of the goods and services produced by the sector, totaled more than $558 billion in the U.S. in 2014.
It also supported another $659 billion through its vendors and suppliers and through the economic activity of its workforce, for a total of $1.2 trillion, according to the report.
According to a post on the PhRMA website, "this report underscores the critical need to support policies that continue to encourage the significant research and development investments made by U.S. biopharmaceutical companies."