Capitol Updates

Capitol Update, Oct. 19, 2021

The National Association of Manufacturers recently studied the pharmaceutical industry's direct impact on the broader economy and reported their findings in a report, "Ensuring a Healthy Future: The impact and importance of pharmaceutical manufacturing".  The economic impacts created in the industry's long supply chains are perhaps even more dramatic than you think. Among the findings:

• The pharmaceutical industry invests nearly 11.4% of its sales back into Research and Development. 
• Annual average labor income is more than $172,000 per worker.
• 29.9% of all industry jobs are STEM related.
• Each employee produces $1.3 million in output. Seven times greater than the U.S. economy average.
• The industry's 267,000 employees nationwide support 1.9 million other jobs in the economy. 

CMTA is proud to have its Board of Directors companies from Genentech and Eli Lilly interviewed in the report, shedding light on the true impacts their companies bring to the local economies. 

Eli Lilly's Senior Vice President and President of Manufacturing Operations Edgardo Hernandez and Genentech and Roche's Global Head of Quality and Compliance Andi Goddard both indicated a strong commitment to expanding their footprint in the U.S., and discussed the industry's new sophisticated and automated facilities, the necessity of intellectual property protections, and their efforts to re-imagine how biotechnology is taught to high school students, given the highly technical nature of jobs at all levels in the industry.

You can read the report HERE.