Innovation drives growth in the biotech and pharmaceutical space. According to The Pharmaceutical Research and Manufacturers of America (PhRMA), the U.S. biopharmaceutical sector directly supports more than 900,000 jobs across the economy. Manufacturing employs more than 330,000 high-wage workers in more than 1,500 facilities across 47 states and Puerto Rico.
The association also noted that member companies invested $102.3 billion in research and development in 2021, and that the biopharmaceutical industry represents one out of every six dollars spent on domestic R&D in the U.S.
