Strengthening 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.
U.S. Medical and Health R&D Expenditures by Funding Source, 2022
- America’s biopharmaceutical industry is the global leader in medical innovation, with an estimated $122 billion invested in R&D in 2020. (PhRMA)
- 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. (BIO)
- The biopharmaceutical industry supports more than 4 million jobs in the United States, with over 811,000 people working directly in the industry. (PhRMA)
- In 2021, the IQVIA Institute for Human Data Science released its industry report for Global Trends in R&D: Overview Through 2020. The findings indicated maintained R&D funding levels, credited to new funding sources, strategic transitions, and other activity. (IQVIA)
Examples of Private Sector Advocacy Topics
- Clinical trial participation, representation, and diversity.
- Technology transfer.
- Collaborative action to promote access and affordability without sacrificing fast-paced medical progress.