Big pharma is responsible for millions of jobs and a big fraction of the global economy.

Pharmaceutical companies are responsible for millions of jobs across the world. In the US, the biopharmaceutical industry employs over 800,000 professionals who work across a wide range of areas including scientific research, technical support and manufacturing.

It is estimated that in the US, the industry directly and indirectly supports around 4.7 million jobs. Pharmaceutical companies require highly skilled and educated professionals, with roles for administrative level up to and including Ph.D. scientists.

7. Pharmaceutical companies boost the global economy

As well as driving medical progress by researching, developing and bringing new medicines that improve health and quality of life for patients around the world, the pharmaceutical industry is a key asset to the global economy. The industry reached unprecedented heights in 2019, worth an estimated $1.3 trillion.

The industry’s research and development (R&D) enterprise drives sizable economic impacts. In the US, biopharmaceutical manufacturers spend more in R&D relative to sales than any other manufacturing industry, investing more than six times the average for all manufacturing industries.

Overall, pharmaceutical companies play a pivotal role in helping patients and communities. They provide more than potential cures and lifesaving treatments; they also create fulfilling jobs and fuel the global economy. Looking ahead, the industry will continue to firmly establish its importance in the world by creating more exciting and ground-breaking treatments.