Biopharmaceutical clinical trials boost Texas economy

The industry helps to support the economy in Texas.

Over the last 13 years, biopharmaceutical companies in the US have conducted more than 8,200 clinical trials of new medicines in Texas.
That is according to the Pharmaceutical Research and Manufacturers of America (PhRMA), which said that that the trials are the result of collaborative work involving university medical schools and science centres, local hospitals and clinical research facilities.
"Through clinical trials, they are not only helping advance science and improve patient care, but also strengthening Texas' economy," remarked Jeffrey Bond, the senior vice-president of PhRMA.
"When you consider that clinical trials account for 45 to 75 per cent of the average $1.2 billion needed to develop a new medicine, there is greater appreciation for not only the health benefits generated from clinical trials, but also the economic benefits to the state."
Biopharmaceutical research companies are of course important to the local economy, providing an important source of jobs, tax revenue and research spending in the state.