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Pharmaceuticals and Biotechnology

Industry Outlook

Moving forward, the pharmaceuticals and biotechnology industry will continue to grow. The research group IBISWorld predicts that the brand name pharmaceutical manufacturing industry will expand through 2026, in spite of the growing market competition and scrutiny over pricing of branded products. Revenue prospects may be dampened somewhat by the movement to offer low-cost drugs to the health care system. In 2023, there were 3,351 brand name pharmaceutical manufacturing companies in the U.S., which employed 277,579 workers. This biotechnology industry is projected to regain ground through 2029, as the economy rebounds and investment levels rise. As of 2023, the U.S. biotechnology industry had 3,429 businesses and employed a total of 408,376 people.

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