Investments in medical and health research and development grew 20.6 percent between 2013 and 2016, although R&D spending only accounts for a modest portion of the total $3.5 trillion of U.S. health expenditures, according to a Research America report.
Researchers analyzed data and estimates from public sources to review trends in financing healthcare research over the past four years.
Here are five report insights.
1. In 2016, $171.8 billion was spent on U.S. medical and health R&D. In 2013, this number was $142.5 billion.
2. The private sector contributed nearly $115.9 billion to medical and health R&D spending.
3. Of the nearly $3.5 trillion spent on health, 4.93 percent was allocated to R&D in 2016 — a benchmark consistently met since 2013.
4. Here is a breakdown of the private sector's medical and health spending by operation in 2016.
- Biopharmaceutical: $89.8 billion (24.3 percent increase from 2013 to 2016)
- Medical technology: $17.2 billion (19.4 percent increase from 2013 to 2016)
- Healthcare services: $545 million (23.4 percent increase from 2013 to 2016)
- Other sectors: $8.3 billion (43 percent increase from 2013 to 2016)
5. Seventy-nine percent of U.S. adults agree it is very important or somewhat important to invest in research for economic growth, including job creation and technological breakthroughs.
Click here for the full report.
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