Medical Research and Development
Medicine is one of the fastest-developing industries in the United States, whose role became especially visible after the COVID-19 pandemic. Yearly, the American Government invests large amounts in the development of health research. Most funds come from the National Institutes of Health and the National Science Foundation.
In addition to the government’s investments and grants, various commercial organizations play a significant role in the medical research process. Their impact on financing R&D has been especially fast-growing for the last 50 years. Now, the private sector funds 58% of all health research in the country.
Funding medicine includes financing research labs and intramural and extramural predoctoral and postdoctoral education. Commercial companies help pay for skilled scientists, buy necessary equipment, and organize high-risk and long-term projects. Such funding leads to the active revolutionizing of medical treatments and technologies.
The pharmaceutical market is a huge business, and numerous new drugs appear yearly in the U.S. Nearly 1,5 trillion is expected to spend on this industry in 2023. Private firm investments play a significant role in this process. They support researching, developing, testing, and safety monitoring of new drugs, allowing the industry to grow faster.