March 25, 2019 – The Information Technology and Innovation Foundation released a white paper today that covered the role NIH funding plays in terms of America’s economic global competitiveness in biomedical research. You can read the entire paper here:
Highlights from the paper include:
Despite Increases in the Past Four Years, NIH Funding Still Lags
• NIH funding as a share of GDP in 2019 is still 12 percent below 2003 levels.
China Challenges U.S. Leadership in Biomedical Research
• The Chinese government funds biomedicine start-ups directly. More than 1,000 government-funded venture capital firms seeking to provide as much as $798 billion in capital have been established.
• China is already manufacturing drugs faster and cheaper than we are in the United States.
• China’s $9.2 billion 15-year Precision Medicine Initiative seeks to map 100 million human genomes—far in excess of the Obama administration’s $215 million investment targeting one million patients.
Fund NIH to Reduce Future Health Care Spending
• The development of better drugs and treatments leads to reductions in the cost to society from illness.
• The Milken Institute concluded that the most common chronic diseases cost the U.S. economy an estimated $1 trillion each year, and could cost upwards of $6 trillion by 2050.
Fund NIH for High-tech, High-wage Jobs
• Employment in life-sciences sectors has been growing since 2001. Employment in biopharmaceuticals (both production and research) increased by 22 percent between 2001 and 2016.
• Workers in the life-sciences industry earned an average wage of $124,400 in 2016, compared with the median personal income in the United States for full-time wage and salary workers of just under $43,000.