PhRMA, a leading Pharmaceutical Industry trade organization, was seeking to document the impact of the biopharmaceutical sector on the U.S. economy to support their policy makers outreach efforts. The organization asked Archstone Consulting to explore, quantify, and present the impact of biopharmaceuticals on the US economy, at the national, state, and MSA levels.
Trade group representing the pharmaceutical research and biotechnology companies in the United States. In 2009, members invested more than $40B in discovering and developing new medicines.
In joint effort with an academic advisor from the Wharton School, Archstone examined the economic activity generated and supported by biotech and pharmaceutical research companies with respect to employment, output, and contribution to GDP. The team derived impact for the research-intensive sector at the federal, state, and, metropolitan-area levels using highly credible approaches to address a range of policy questions. In addition to Employment and Human Capital, Direct and Indirect Economic Output, R&D, Public/Private Partnerships, Archstone reviewed a wide array of sector contributions to determine the unique benefits associated with biopharmaceuticals.