The life-sciences sector, consisting of pharmaceuticals (both chemical and biological drugs) and medical equipment, as well as the research that supports them, plays a central role in both the economy and health care system of the United States. These industries are extremely research-intensive, employ a large number of skilled workers earning above-average wages, and represent a critical traded sector that helps the U.S. economy compete internationally. Because the industry is one of the most technologically complex in the world, funded predominantly by investments of large amounts of capital for long periods of time in the face of significant technological and market risk, it requires both specialized and general infrastructures, business conditions, and policy supports.
America’s lead in life sciences is being challenged. Other countries are aggressively seeking to attract and grow companies with innovation-based tax incentives, a range of firm-specific enticements, increased government research funding, improved IP protections, and streamlined regulatory approval processes. The federal government should act to ensure U.S. life sciences remain competitive.
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