WASHINGTON, June 18 /PRNewswire-USNewswire/ -- As reported by Manufacturing Chemist, despite the economic recession, America's pharmaceutical research and biotechnology companies invested a record $65.3 billion on the research and development of medicines and vaccines in 2009. This represents an increase of more than $1.5 billion in R&D compared to 2008.
An analysis was conducted by the Pharmaceutical Research and Manufacturers of America (PhRMA) and U.S. life sciences venture capitalist Burrill & Company. PhRMA member companies alone invested $45.8 billion on research and development in 2009, while non-member companies invested approximately $19.5 billion, according to the report. The research also found that, during the past nine years, U.S. pharmaceutical research companies have consistently invested approximately 18 percent of domestic sales on R&D.
"America's biopharmaceutical research sector takes great pride in its global leadership in the development of new life-saving treatments and cures," said PhRMA CEO Billy Tauzin. "Over the past year the economic challenges have been enormous, but our industry's continued commitment to R&D is bringing hope to millions of patients around the world."
There are currently more than 2,900 medicines in clinical trials or awaiting review by the U.S. Food and Drug Administration, compared with 2,400 in 2005. The current pipeline includes more than 800 medicines to treat cancer, more than 300 that are specific to rare diseases and more than 300 medicines for heart disease and stroke.
SOURCE Pharmaceutical Research and Manufacturers of America