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Print Edition StoriesTuesday, March 16, 2010
Biotech, drug R&D grew in 2009
By Mass High Tech staff
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Research and development investment by pharmaceutical and biotechnology companies defied the recession in 2009, growing by more than 2 percent over the 2008 total, according to the Pharmaceutical Research and Manufacturers of America (PhRMA) and life sciences merchant bank Burrill & Co.
The R&D investments by PhRMA members and non-members in the pharmaceutical and biotech sectors reached a record $65.3 billion in 2009, an increase of 1.5 billion despite the recession and staff cutbacks at some large companies. Over the past nine years, U.S. pharmaceutical research companies have invested approximately 18 percent of domestic sales on R&D activities, according to the report.
PhRMA officials said the ongoing investments have helped to increase the number of drugs in the pipeline, noting that there are 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.
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