R&D Spending by U.S. Biopharmaceutical Companies Reaches Record Levels in 2008 Despite Economic Challenges

March 12, 2009 05:54

R&D Spending by U.S. Biopharmaceutical Companies Reaches Record Levels in 2008 Despite Economic Challenges
Source: Pharmaceutical Research and Manufacturers of America (PhRMA)

Despite the nation’s economic slowdown, America’s pharmaceutical research and biotechnology companies invested a record $65.2 billion last year in the research and development of new life-changing medicines and vaccines – an increase of roughly $2 billion from 2007, according to analyses by the Pharmaceutical Research and Manufacturers of America (PhRMA) and Burrill & Company.

PhRMA-member companies alone invested an estimated $50.3 billion on pharmaceutical R&D last year – up from the previous record of $47.9 billion in 2007, according to the PhRMA survey. Additionally, the Burrill & Company analysis shows that non-PhRMA pharmaceutical research companies spent an estimated $14.9 billion on R&D last year.

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Category:

• Industries
• Prescription drugs
• Science

Source:

• Pharmaceutical Research & Manufacturers of America

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