Biopharmaceutical innovation offers a tremendous amount to NYS residents, and the industries within which they work. Take a look at some of the top ways the work of biopharmaceutical companies helps support NYS communities, economies, individuals, and their health.
These are certainly the most apparent benefits. Biopharmaceutical innovations help to save lives and improve the health of individuals, every single day. Each year, hundreds of medications are tested, and dozens are approved. Much of that innovation takes place in NYS, with hundreds of drugs and vaccines currently being developed by NYS researchers and medical professionals. Just take a glance at ClinicalTrials.gov, and you’ll see how research activity in NYS compares to the activities in other states.
The results of these innovations lead to:
Biopharmaceutical innovation changes lives every day, including those of patients, their loved ones, and their health care providers who are given more treatment options to provide their patients.
Biopharmaceutical innovation provides tens of thousands of jobs within NYS. Below, you’ll find some of the job titles now being hired by just a single pharmaceutical company:
The list above is just the smallest sampling of jobs created by biopharmaceutical innovation. Hundreds of other jobs, ranging from human resources and project management to logistics and supply chain management, quality assurance, manufacturing, engineering, are the result of the work done in the pharmaceutical industry. Job satisfaction within the industry is tremendously high, and the average salary is more than double the nationwide standard for all other U.S. jobs.
Of course, none of this work could be accomplished without the tools, technology and resources to accommodate these developments. For instance, much of the work done in pharmaceutical labs and research facilities must be done in clean rooms. The fabrication of clean environments requires the skilled work of electricians, plumbers, welders and more specifically trained to create the facilities demanded.
The Pharmaceutical Industry Labor-Management Association (PILMA) work on behalf of these professionals to ensure conversations between unions and the pharmaceutical industry take place, focusing on mutual interest and continued collaboration. By working together, more can be accomplished, while more high-skill jobs are simultaneously created.
Of course, all of these jobs help lead to economic growth, both for the individual employees and the communities in which these individuals live and work. Investments are made not only in new physical buildings, but also in training, equipment, employee benefits and more.
In addition, the biopharmaceutical sector powers economic competition and output for the U.S. economy, both amongst states and internationally.
“Since 2000, PhRMA member companies have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $58.8 billion in 2015 alone. The impacts of this spending and the sector’s broad support for biomedical research ripple across the economy.” (source)
Biopharmaceutical efforts also help to power related institutions, organizations and places of higher learning.
The combined benefits of continued focus on biopharmaceutical innovations are tremendous, and the impacts can be seen in a variety of ways, the most evident of which are health benefits, jobs and job satisfaction, and economic growth. As innovation continues, NYS residents will continue to benefit, and those benefits will ripple throughout the country, and the world.