Clinical trials are essential to bringing new medicines to patients, and new research shows they are also a powerful economic engine for Florida.
According to a report released by PhRMA in partnership with TEConomy Partners, Florida led the nation in 2023 for the economic impact of industry-sponsored clinical trials.
Across the state, there were 2,198 active trials involving 102,016 participants. Biopharmaceutical companies invested $3.7 billion directly in trial sites, supporting thousands of jobs, strengthening local vendors and fueling a total economic impact of $8.3 billion. Florida’s top ranking places it ahead of Texas ($7.7 billion) and California ($7.1 billion).
The road to new medicines is long and costly. From drug discovery through Food and Drug Administration (FDA) approval, developing a new medicine takes at least 10 years and costs an average of $2.6 billion. Fewer than 12% of medicines that enter Phase 1 clinical trials ultimately receive FDA approval. Every clinical trial helps advance science and expands options for patients, whether for new treatments or new uses of existing medicines.
Florida is especially well-suited for clinical trials because of its large, diverse population and large retiree community, which mirror the real-world patient populations that new treatments are designed to serve. Ensuring diversity in clinical research is critical: trials must reflect the people who will ultimately rely on these medicines. Florida’s demographics make it an ideal environment for advancing both medical innovation and health equity.
All clinical trials are closely monitored by doctors and independent review boards and must meet federal safety standards before moving forward. That oversight is designed to protect participants while generating reliable data on whether potential treatments are safe and effective.
The report notes that the $8.3 billion estimate does not capture the full picture. Beyond site-based investments, companies spend heavily on trial design, coordination and data analysis, as well as basic and preclinical research — activity that further strengthens Florida’s economy and helps contribute to the development of new medicines.
“The U.S. biopharmaceutical industry continues to lead the world in the development of new medicines, harnessing the potential of new scientific and technological advances to expand possibilities for addressing unmet medical needs,” the report notes.
“America’s biopharmaceutical companies account for the largest single share of all U.S. industrial R&D investment (17%) and account for half (50%) of all U.S. investments in health and biomedical research and development, including significant spending in clinical research.”
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