Ohio economy saw $2.4 billion boost from pharma clinical trials in 2023

CLEVELAND, Ohio -- Clinical trials funded by pharmaceutical companies resulted in $2.4 billion in economic impact in Ohio in 2023, according to a new pharmaceutical industry study.

That figure put Ohio among the top five highest U.S. states in terms of economic impact from industry-funded clinical trials, according to research conducted by TEConomy Partners and funded by PhRMA, which represents the pharmaceutical industry.

Florida ($8.3 billion), Texas ($7.7 billion) and California ($7.2 billion) were among the U.S. states with the highest total economic impact generated by pharmaceutical-funded clinical trials.

Ohio hosted about 1,400 industry-funded clinical trials in 2023, and those trials supported 136,097 jobs, the study found.

Clinical trials funded by pharmaceutical companies create life-saving treatments, generate jobs and boost local economies, the report said.

Drug companies conduct clinical trials to test proposed drugs for safety and effectiveness. These studies enroll patient volunteers who agree to take the drugs and have their reactions monitored over time. Some trials take place at multiple sites, stretch over years and include hundreds of volunteers.

Nationally, the industry sponsored nearly 5,300 clinical trials of medicines across the country, involving more than 900,000 participants, according to the study.

Here is a ranking of Ohio and surrounding states in terms of total economic impact generated by pharmaceutical-funded clinical trials. States are ranked from highest to lowest.

Ohio: $2.4 billion

Pennsylvania: $1.9 billion

Michigan: $1.1 billion

Indiana: $790.8 million

Kentucky: $663.3 million

West Virginia: $102 million

Julie Washington covers healthcare for cleveland.com. Read previous stories at this link.