PHILADELPHIA, Feb. 18, 2021 /PRNewswire/ -- Today, We Work for Health Pennsylvania is proud to share the latest economic data from our state's vendors, demonstrating the positive impact the biopharmaceutical industry has had on the U.S. economy. The economic footprint of the biopharmaceutical industry can be measured not only by the traditional indicators of employment and output but also in part by its impact on the vendors, large and small, that provide services or supplies to America's biopharmaceutical research companies.
Our updated impact map displays a summary of 2018 data from 16 biopharmaceutical companies. Each of these companies reported two key metrics: business relationships with vendors and the total expenditures paid to vendors in the U.S. In this way, the graphic illustrates not merely the jobs the biopharmaceutical industry supports directly but those it supports indirectly as well.
"The commonwealth's biopharmaceutical industry — and, by extension, the life sciences sector as a whole — is driven by innovation, unparalleled talent and world-class educational, health care and hospital systems. Under Gov. Tom Wolf's leadership, the industry is supported by strategic investments in venture capital, technology and infrastructure," said Dennis Davin, secretary of the Department of Community and Economic Development. "This industry has been a critical partner in improving the health of Pennsylvania's communities and economy, and that's never been more evident than today, as we work together to combat the COVID-19 pandemic."
In the last two decades, Pennsylvania's life sciences industry has transformed from large, campus-style pharmaceutical companies to additional injection of medical device, startup biotech and contract service organizations (CROs) that needed to set up research and manufacturing operations in traditional flex buildings. This demand catalyzed PROTECS' emergence into the market to service client bases. It will continue to expand amid the subsegment of cell and gene therapy technologies as the largest growth area for the region today.
"Throughout the pandemic, the life sciences industry has not taken its foot off the gas pedal. Instead, it has pressed down to develop COVID-19 research, testing, cryostorage and vaccine manufacturing operations, and PROTECS has been fortunate to be a part of this effort by designing and building these facilities and/or providing lease space at our PROTECS Innovation Centers for them to flourish," said Christopher DiPaolo, president and CEO of PROTECS.
Pennsylvania's biopharmaceutical industry supports 7,294 vendors and suppliers. In Pennsylvania alone, the industry has spent $7,921,841,578, resulting in 253,876 American jobs.
"These new economic data underscore the breadth and depth of the commonwealth's biopharmaceutical industry," Life Sciences Pennsylvania President and CEO Christopher P. Molineaux said. "We are proud of the positive effect our member companies have on Pennsylvania's economy but, more important, are deeply appreciative of their continued efforts to research and develop vaccines, therapeutics and diagnostics to address COVID-19 and the thousands of other diseases affecting millions of patients throughout the world."
Continued investment in research and medical innovation sets the stage for the creation of breakthrough cures, treatments and even prevention against drug-resistant superbugs.
"Venatorx Pharmaceuticals is not alone in its pursuit to develop therapeutics that save patients' lives," said Joseph Larsen, Ph.D., vice president, strategic portfolio development, at Venatorx. "We are fortunate to operate in a state that is a staunch ambassador for, and advocate of, the life sciences, biotech and pharmaceutical industries, which continue to deliver innovation while simultaneously confronting the challenges of COVID-19. It goes without saying that the support of our state and local representatives during these unprecedented times has been vital as we prepare for future pandemics."
"The indelible impact of the pharmaceutical industry as we work to come out of the COVID-19 pandemic era cannot be overstated," Pennsylvania Chamber President and CEO Gene Barr said. "Their tireless efforts in developing and producing safe and effective vaccines against this virus are providing a much-needed light at the end of the tunnel and setting us back on a path toward a return to normalcy. We are grateful to them for so readily taking up the mantle in order to rid the world of this virus and help us build healthier communities and a stronger economy."
Additional information on the positive impact of the biopharmaceutical industry can be found at WeWorkForHealth.org.
About the Department of Community and Economic Development
The Department of Community and Economic Development's mission is to encourage the shared prosperity of all Pennsylvanians by supporting good stewardship and sustainable development initiatives across our commonwealth. With a keen eye toward diversity and inclusiveness, we act as advisors and advocates, providing strategic technical assistance, training, and financial resources to help our communities and industries flourish.
About Life Sciences Pennsylvania
Life Sciences Pennsylvania was founded in 1989 by two Penn State researchers. Today it's grown to represent the Commonwealth's entire life sciences community – biotechnology companies, medical device and diagnostics makers, pharmaceutical manufacturers, academic research institutions, patient advocacy groups and myriad service industries that support the life sciences in Pennsylvania.
About Pennsylvania Chamber of Business and Industry
The Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its statewide membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.
PROTECS is a leading, innovative full-service project and construction management company focused on serving the hi-tech regulated market sectors. For more than 15 years, PROTECS has provided its clients a broad range of leveraged services in a collaborative construction management and design/build approach by collaborating with best-in-class architecture/engineering firms from project inception to occupancy. Through PROTECS' patented Target Costing® delivery methodology, the company acts as a single point of contact and accountability for master planning, site selection, design, construction, commissioning and validation. As part of this delivery approach, PROTECS takes on the risk to guarantee performance, conformance, compliance and cost to ensure all its clients' strategic objectives and goals are met. For more information, please visit our website at www.protecsinc.com.
About Venatorx Pharmaceuticals
Venatorx Pharmaceuticals is a private pharmaceutical company focused on improving health outcomes for patients with multi-drug-resistant bacterial infections and hard-to-treat viral infections. For more information, please visit www.venatorx.com
SOURCE We Work for Health Pennsylvania