Or that combined spending on brand medicines, generics and the supply chain account for 14 percent of total national health spending, with brands accounting for just half of this (7 percent)?
Or that the United States accounts for two thirds of the world’s venture capital investments in high-growth biopharmaceutical startups?
These are but a few of the facts that can be found in PhRMA’s 2017 Biopharmaceutical Research Industry Profile and the 152-page industry chart pack, Biopharmaceuticals in Perspective, which were released July 20.
Other must-know industry facts include:
- New medicines are making strides in reducing disease morbidity and mortality.
- 74 percent of all drugs in clinical development are potentially first-in-class medicines, meaning they use a completely new approach to fighting a disease.
- The biopharmaceutical industry’s average return on equity is 16.2 percent, similar to other industries including trucking, software and construction supplies.
- Negotiated savings on brand prescriptions are often not shared with patients who are increasingly being asked to pay more out of pocket.
- Spending on brand prescription medicines only accounts for 7 percent of total annual healthcare spending.
- 5 percent of the population accounts for 50 percent of US health care spending.
- The biopharmaceutical industry accounts for 1 out of every 6 dollars spent on domestic R&D by US businesses.
To access PhRMA’s “Research in Your Backyard” reports for 30 other states, please click here.
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives.
Since 2000, PhRMA member companies have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $65.5 billion in 2016 alone.