SIFMA Hosts Biotech Roundtable on Capitol Hill, Bringing Together Industry Experts and Lawmakers

Release Date: June 23, 2016
Contact: Carol Danko, 202-962-7390, [email protected]

SIFMA Hosts Biotech Roundtable on Capitol Hill, Bringing Together Industry Experts and Lawmakers

Washington, DC, June 23, 2016 – Today, SIFMA hosted a roundtable on the importance of innovation in biotechnology, with leading sector analysts and Members of Congress to drive a discussion between industry and lawmakers on the role of the capital markets in funding biotech research and initiatives. The event was held on Capitol Hill and congressional participants including Reps. French Hill (R-AR), Scott Peters (D-CA), and Leonard Lance (R-NJ). Industry participants includedBrian Abrahams, M.D., Managing Director, Jefferies LLC andMichael Yee, Managing Director, RBC Capital Markets.

“Biotechnology is an evolving industry that improves our lives through the development of treatments and cures for some of today’s most pressing medical challenges, while at the same time fueling innovation, economic growth and job creation. Discussions like today’s roundtable help shine light on the important role of the capital markets in driving advances in this growing sector,” said Kenneth E. Bentsen, Jr., president and CEO of SIFMA.

The Biotech Roundtable focused on the ways in which the financial services industry is helping to provide funding to the companies and researchers on the front lines of developing biotechnology treatments and medical advancements. Industry experts provided an update on trends and analysis as well as the current state of play within this growing sector.

Since 1999, 406 biotech IPOs raising nearly $30 billion have been brought to market. According to a Phrma and TEConomy Partners study, in 2014, the biopharmaceutical industry accounted for 3.8% ($1.2 trillion) of total U.S. output. More than 850,000 individuals are directly employed in the U.S. biopharmaceutical industry. These high-quality biopharmaceutical industry jobs generated over $100 billion in wages and benefits, or more than $123,000 per worker, which is twice the average earnings for U.S. private sector worker. Additionally, the industry supported another 3.5 million U.S. jobs through its suppliers and industry and employee spending. Tax revenues generated from those directly and indirectly employed workers totaled more than $67 billion for federal, state and local coffers.