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The capability to innovate is fast becoming the most important determinant of economic growth and a nation’s ability to compete and prosper in the 21st century global knowledge-based economy.

The innovative biopharmaceutical industry stands out among high-value knowledge-based industries, including aerospace, automotive, and semiconductors, as a driver for future U.S. economic growth. Aging populations throughout the world and rising purchasing power for medical advances among emerging economies are expected to drive increased demand for preion medicines in the coming years, providing opportunities to increase production and exports.

The large-scale supply chain for both research and development (R&D) and manufacturing and distribution translates into significant economic multiplier effects that further grow jobs and incomes. Moreover, this value chain continues to evolve, shaped by scientific advances that open up opportunities for new medicines to combat our most costly and challenging diseases.

However, while opportunities abound for advancing biopharmaceutical R&D and manufacturing in the U.S., future growth is not a given as other nations race to compete for the economic benefits that these innovative activities bring. Given the economic contributions of this and other R&D-intensive industries, the U.S. is now facing increasing competition not just from developed countries that want to expand their own innovative capacity in these areas, but also from emerging economies such as Brazil,
China, and Singapore that are laying the groundwork for future growth.

This report es on some of the key measures of the U.S. innovative biopharmaceutical industry’s economic contributions and explores policies critical to enabling future growth and sustainability in the years ahead. The report authors identified 10 broad policy areas central to improving the business climate for the biopharmaceutical industry, composed of a total of 38 sub-attributes. This report is unique in that it provides an assessment of the relative importance of these policy factors by combining a quantitative approach with a real-world perspective incorporating the knowledge and The capability to innovate is fast becoming the most important determinant of economic growth and a nation’s ability to compete and prosper in the 21st century global knowledge-based economy.

 

 

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