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) appro

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