The biopharmaceutical industry is a major contributor to the U.S. economy, and also has a growing presence in Arizona, according to a new report released by TEConomy Partners LLC.
Since 2000, members companies of PhRMA have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $58.8 billion in 2015 alone.
The biopharmaceutical sector invests more in research and development relative to sales than any other manufacturing industry, investing more than six times the average for all manufacturing sectors.
The study was prepared for Washington D.C.-based Pharmaceutical Research and Manufacturers of America.
The new data further validates that Arizona’s past and future investments in its biopharmaceutical industry makes good financial sense, said Joan Koerber-Walker, president and CEO of Arizona BioIndustry Association.
“Investments made at our research universities, in our emerging and established companies, and in our state’s economic future have yielded economic outputs far above state averages and are putting resources back into our community,” she said. “Equally important, the work of these researchers, innovators and entrepreneurs are discovering, developing, and delivering life-saving and life-changing innovations that will make life better for people here in Arizona and around the world.”
Angela Gonzales covers health, biotech and education for the Phoenix Business Journal.