Biopharmaceutical research is continuing to generate big business in Pennsylvania and helping boost the state’s economy, writes John George for the Philadelphia Business Journal.
According to a report by the Pharmaceutical Research and Manufacturers of America, pharmaceutical research companies generate $68.9 billion annually, from both direct and indirect economic activity.
The study, conducted by TEConomy Partners, got to this figure by measuring the direct economic output of the sector in 2014, and the output of the sector’s vendors and suppliers, among other factors.
The study showed that biopharmaceutical research companies bring in $496.6 million in state taxes each year. They also support 245,184 jobs, 46,200 of which are direct sector jobs and 207,982 that are indirectly connected with the sector.
“We’ve known life sciences is an important industry in Pennsylvania, and this report confirms that,” said State Rep. Ryan Costello. “The life science industry drives lives-saving innovation and economic growth across southeastern Pennsylvania.”
Christopher Molineaux, President and CEO of Life Sciences Pennsylvania, concurred, saying the report reflects the cutting-edge work here.
“Over the past decade, the clinical trial landscape has changed significantly, but continues to grow and evolve for the benefit of patients and Pennsylvania’s economy.”
Read more about the study’s findings in the Philadelphia Business Journal by clicking here.