Medical & Pharmaceutical Industry

The medical and pharmaceutical industries represent two of the largest work forces in the United States, employing over 14.3 million people in 2008, and comprise the most profitable and fastest growing segment of the U.S. economy, with combined annual revenues of an estimated $489 billion. Increased demand for health care to serve a growing elderly population as well as pharmaceutical advances in biotechnology ensures future growth in these industries.

Medical

• The medical industry consists of several vocational segments, including hospitals, home health care and diagnostics laboratories. The United States Department of Labor projects 14.3 million new health-care jobs by 2018, and health care represents 10 of the 20 fastest growing occupations in the United States. Nearly 600,000 medical-based businesses operate in America, and hospitals employ 35 percent of health-care workers.

Pharmaceutical

• The pharmaceutical industry originated in early 19th century Europe, with the founding of the still operational (as of August 2010) Ciba, Sandoz and Bayer drug companies. Emerging biotechnologies have prompted an increase in the development of thousands of New Chemical Entities (NCE) each year, with 2,900 NCEs under research in 2009. New Jersey, home to Merck, Roche and Johnson & Johnson, has the highest concentration of drug companies in America, and serves as headquarters for the U.S. pharmaceutical industry.

Future

• Population increases, a longer human lifespan and technological advances will contribute to future market expansion for the medical and pharmaceutical industries, as well as create more health-care-related jobs and businesses in America.