Biopharma-Funded Clinical Trials Drive Billions in Economic Impact, Advance Medical Research & Treatments
- ccaplan7
- Mar 14
- 2 min read
Updated: Apr 2
A new report highlights the significant investments and economic impact generated by clinical trials funded by the biopharmaceutical industry. The report, from TEConomy Partners LLC, offers state-level insights into industry-sponsored clinical trial activity across the U.S., underscoring the crucial role the biopharmaceutical sector plays in local economies.
According to the TEConomy report, biopharmaceutical companies sponsored 5,300 active clinical trials in 2023. These trials contributed a total economic impact of $62 billion, with $30 billion in direct funds and an additional $32 billion in indirect funds. Even states without a strong biopharmaceutical presence benefit from significant investments thanks to clinical trials being conducted locally.
Clinical trials do more than boost local economies— they are essential to advancing medical research and developing new treatments. The U.S. research and development ecosystem relies heavily on these investments, which drive innovation and help improve the health and quality of life for citizens across the country.
In 2023, clinical trials funded by the biopharmaceutical industry enrolled over 906,700 participants across a wide range of diseases. Notably, nearly 349,000 participants were involved in studies related to infections and infectious diseases, while more than 165,000 participated in cancer and neoplastic disease trials. These trials spanned all 50 states, Washington, D.C., and Puerto Rico, demonstrating the broad geographic reach of this vital industry.
To learn more about the industry’s economic impact, visit our "In the States" page, where you can explore data broken down by Congressional and State Legislative districts.
Our resources aim to highlight the importance of the biopharmaceutical industry in driving medical innovation and economic growth. To learn how we support policies that encourage innovation and improve access to lifesaving medicines, visit our Policy Framework and Resources pages.