RENSSELAER, N.Y. -- One third of all new drugs are tested here in New York. That's the word from the Pharmaceutical Research and Manufacturers of America.
Their new report shows biopharmaceutical firms, medical schools, hospitals and research centers collaborated on more than 6,200 clinical trials in the past decade. Of those, more than 3,200 target diseases including cancer, diabetes, heart disease and others.
"What we're doing with that stem cell is we can turn it into the cells that die in macular degeneration and now with some new funding from New York State, we'll be able to take that stem cell and get all the preclinical work done and in four to five years we'll be able to take it to a clinical trial and hopefully have a new therapeutic for the 10 million people affected with macular degeneration in the country," said Christopher Fasano, Director of Research and Development at Neural Stem Cell Institute.
The report also shows in addition to the benefits for the medical field, these clinical trials are a boost for the economy. It says here in the Capital Region, there are dozens of bio-pharm and life sciences companies with nearly 7,900 employees who generate $520 million in annual wages.
To read the full report, visit www.newyorkhealthworks.com.