In our weekly Trends that Matter series, we provide engaging infographics from healthcare influencers to highlight general trends affecting the pharmaceutical industry. This week's featured topic is the industry's economic footprint. Pharma adds a tremendous amount of value to the U.S. and global economies through job creation, medical research, drug development, immunizations, and health partnerships.
Having a strong pharma presence in a community helps support local businesses: According to the Pharmaceutical Research and Manufacturers of America (PhRMA):
"The industry helps support a vibrant scientific and economic ecosystem that is vital to the U.S. economy and our country’s competitiveness in the global market. Biopharmaceutical companies put down roots in communities across the country, helping to generate jobs across a whole range of sectors, from suppliers to retail to personal services."
Furthermore, the pharmaceutical market is predicted to reach $1.48 trillion by 2021, according to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA). In the graphic below, IFPMA illustrates the value the pharmaceutical industry adds to the global economy: