Biopharmaceutical sector provides outsized economic benefit

PhRMA is out with a study that shows the biopharmaceutical sector has an enormously positive impact on job creation and economic growth in New York State. According to a newly released report, the sector provides more than 50,000 direct jobs and nearly 200,000 in additional jobs are supported by the sector. These jobs range in industry from science, to management, to architecture and engineering, to transportation, and more.

Those jobs account for more than $19B in wages to New York State residents. That income translates to roughly $4.5B in tax revenue for the state and federal government.

Beyond that, between director and indirect output, the goods and services produced by the sector generates a combined $74.1B in economic activity. That equals roughly $182,000 in economic output per employee, a truly astounding figure.

The full PhRMA report can be accessed here. A copy of the New York economic impact is posted below.

Biopharmaceutical sector provides economic benefit