Source: Tim McClung, “Biopharmaceutical Industry Supports Jobs and Drives Economic Growth Across the United States” (PhRMA, May 16, 2024).
Commentary: The biopharmaceutical industry is a globally traded sector responsible for employing millions of workers and contributing trillions of dollars to GDP. Over 1 million individuals are directly employed in the sector, working in roles ranging from office and administrative support to sales and pharmaceutical manufacturing. In addition, the sector supports an additional 4 million workers indirectly in industries other than biopharma. These workers are spread throughout the country, with six states, California, Massachusetts, New Jersey, New York, North Carolina, and Pennsylvania, each employing more than 50,000 workers directly in the biopharma industry. Overall, 47 states and Puerto Rico are involved in the manufacturing of FDA-approved pharmaceutical treatments.
The biopharmaceutical industry is also a significant economic boon for the U.S. economy. The industry generated over $800 billion in direct output in the United States in 2022, and indirectly supported an additional $850 billion in output through its suppliers and other downstream sectors, for a total of $1.65 trillion in economic output. This is equivalent to 3.6 percent of U.S. GDP. California’s biopharmaceutical industry alone generated over $276 billion in output in 2022.
