In addition to the societal benefits of biotechnology for patients and the reduction in overall costs to our health care system, there also are clear benefits for the U.S. economy’s long-term growth. According to the Department of Commerce, innovation has been responsible for two-thirds of economic growth since World War II. Medical innovation has been at the forefront of that growth, and biotechnology is poised to be a significant economic engine for the U.S. economy in the 21st Century.
In the U.S. today, there are more than 1.6 million men and women working in the biosciences. Over the past decade, the industry has added nearly 111,000 new, high-paying jobs in the U.S.
Economic output of the bioscience industry has expanded significantly with 17 percent growth for the biosciences since 2007, nearly twice the national private sector nominal output growth. And the industry continues its tradition of creating high-wage, family-sustaining jobs with average wages 80 percent greater than the overall private sector and growing at a faster rate.
The U.S. leads the world in biotechnology and medical innovation. Take the Asia-Pacific countries that negotiated the Trans-Pacific Partnership (TPP) Free Trade Agreement. As has been reported, of the approximately 5,600 drugs in the pipeline among TPP nations such as Japan, China, Australia and Mexico, around 3,400 are being developed by U.S. companies. This is not an accident. We have the scientific expertise. We have an investor base willing to take extraordinary risk on the next generation of innovation. And we have a carefully crafted policy infrastructure that helps support and sustain the innovation ecosystem.
Investing and supporting the pillars of successful biotechnology innovation will provide tangible long-term benefits for our families and loved ones in the form of new cures and therapies for a range of diseases, as well as good-paying jobs that support and sustain strong communities and our national economy.