Industry-sponsored trials generated $62 billion for US economy in 2023

7 March 2025

A recent study by TEConomy Partners, commissioned by industry group Pharmaceutical Research and Manufacturers of America (PhRMA), has revealed that biopharmaceutical company-sponsored trials generated over $62 billion in economic activity in the USA in 2023.

According to the analysis, pharmaceutical and biotech companies directly invested more than $30 billion at clinical trial sites nationwide. When factoring in indirect and induced effects - spending by vendors, service providers, and employees - the total economic contribution more than doubled.

The study also breaks down the economic influence of clinical trials by state, highlighting regions that saw the greatest benefits in 2023.

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