Private Sector R&D
Though many organizations invest in medical research and development, the private sector is by far the largest U.S. funder of medical R&D. The private sector supports millions of U.S. jobs, and the scientific innovations it has funded have taken many forms, including treatments, diagnostic tools, medical devices, preventative measures, and more.
Report: U.S. Investments in Medical and Health Research and Development (January 2022)
- America’s biopharmaceutical industry is the global leader in medical innovation, with an estimated $122 billion invested in R&D in 2020. (Source)
- The U.S. bioscience industry directly employs 1.87 million in more than 101,000 U.S. business establishments. The bioscience industry’s total impact on U.S. employment reaches 9.4 million Americans. (Source)
- The biopharmaceutical industry supports more than 4 million jobs in the United States, with over 811,000 people working directly in the industry. (Source)