New findings show biopharma research companies a source of jobs, tax revenue and research spending in state
GREENVILLE, S.C., October 4, 2018 – This week, the Pharmaceutical Research and Manufacturers of America (PhRMA) released a new report that finds there are more than 572 active clinical trials in the South Carolina, and the life science industry supports 29,500 high-quality jobs and contributes $7.9 billion to South Carolina’s economy. These clinical trials can be responsible for more than half of the $2.6 billion average cost of developing one new medicine. They are investigating some of the biggest health care challenges South Carolinians face, including arthritis, cancer, diabetes, cardiovascular disease, and Alzheimer’s disease.
The report, titled “Research in Your Backyard: Developing Cures, Creating Jobs, Pharmaceutical Clinical Trials in South Carolina,” was released at a press event held at the Westin Poinsett today, which featured a panel discussion including researchers and executives from the Greenville Health System, KIYATEC, the Hollings Cancer Center at MUSC, and the Greenwood Genetic Center, moderated by SCBIO President and CEO, Sam Konduros.
“Clinical trials offer patients novel medical treatments right here in the Palmetto State, while also allowing biopharma research organizations to innovate and grow,” said Konduros. “Across South Carolina, the life sciences and healthcare industries have had a profound impact on our economy and citizens, that continues to rapidly increase.”
Clinical trials are a vital component of bringing new life-saving drugs and treatments to market. On average, it takes approximately a decade for new medicines to go through the rigorous Food and Drug Administration (FDA) approval process. Only 12 percent of drugs successfully make it through clinical trials. Since 2004, biopharmaceutical research companies have conducted or are currently conducting more than 4,700 clinical trials in South Carolina. In 2013 alone, the nearly 1,100 active clinical trials in the state generated an estimated economic impact of $540 million.
“One of the most important things we want people to understand about medicine development is that clinical trials rely on patient participation,” said Nick McGee, Director of Public Affairs for PhRMA. “It’s incredibly important that patients are aware of ongoing trials and learn how they can help become part of finding a cure for the toughest chronic conditions and diseases we face today.”
In the United States, there are more than 7,000 open clinical trials being sponsored by the biopharmaceutical industry, universities, individuals and organizations combined. In South Carolina, of the 572 open clinical trials involving the biopharmaceutical research industry, the University of South Carolina Medial School is collaborating on more than 143 clinical trials and the Medical University of South Carolina is collaborating on more than 142.
“Many top research and medical universities call South Carolina home and are centers of innovation,” Bob Quinn, Executive Director of the South Carolina Research Authority, said. “Maintaining strong partnerships between our universities and life science companies allows us to foster developments right here in South Carolina that can then help save lives far beyond our state lines.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier, and more productive lives. Since 2000, PhRMA member companies have invested more than $600 billion in the search for new treatments and cures, including an estimated $71.4 billion in 2017 alone.
About SC BIO
SCBIO is South Carolina’s investor-driven public/private economic development organization focused on building, advancing, and growing the life sciences industry in the state. With an $11.4 billion annual economic impact in the Palmetto State, with more than 400 firms and 15,000 professionals directly involved in the research, development and commercialization of innovative healthcare, medical device, industrial, environmental and agricultural biotech and products that make a difference across the Palmetto State and around the world. Visit us at SCBIO.org.