Biopharmaceutical Industry Research & Development Tops $55 Billion In 2006
New statistics just released reveal that R&D investments in new medicines by the biopharmaceutical industry was over $55 billion in 2006, according to a combined analysis conducted by Burrill & Company and the Pharmaceutical Research and Manufacturers of America (PhRMA).
"This is the third year that we have joined with the PhRMA to report industry-wide biopharmaceutical research and development expenditures," said G. Steven Burrill, CEO of Burrill & Company. "The steady growth of R&D investment continues to support important advances in better medicines and new treatments for patients made by research scientists and physicians. The over $55 billion invested in R&D last year represents an almost 8% increase over 2005 industry expenditures."
PhRMA's biotechnology and pharmaceutical research member companies reached a record $43 billion in 2006 (up from $39.9 billion in 2005), according to PhRMA's Annual Member Survey. The increased investment in biomedical R&D in 2006 continues 26 years of strong growth in R&D investments by America's research-based pharmaceutical companies -- in 1980 member companies invested $2 billion in R&D. When factored together, the total investments in biotechnology and pharmaceutical R&D by both PhRMA member companies and non-PhRMA members ($12.2 billion) reached a record $55.2 billion in 2006, according to a Burrill & Company analysis for PhRMA.
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