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      Developing drugs in SC a billion dollar industry

      By BRUCE SMITHAssociated Press

      CHARLESTON, S.C. (AP) - Developing new drugs is a multi-billion dollar business in South Carolina according to a new report by the industry released in Charleston.

      U.S. Rep. Jim Clyburn and officials from the Medical University of South Carolina were on hand Tuesday for the release of a report showing that, during 2011, the work of developing drugs and putting them through clinical trials pumped $2.4 billion into the economy.

      The indirect impact meant another $1.8 billion.

      The report was released by the Pharmaceutical Research and Manufacturers of America, an industry trade group. It said that since 1999, there have been more than 3,200 clinical trials of new medicines in collaboration with research centers, university medical schools and hospitals across South Carolina.

      Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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