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Drug companies spent more than $38 billion on R&D

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WASHINGTON — Biotechnology and pharmaceutical companies invested $38.8 billion in research and development in 2004, according to the Pharmaceutical Research and Manufacturers of America.

Of the $38.8 billion, PhRMA‘s member companies spent an estimated $30.6 billion within the United States and the rest overseas, the industry group said. Member companies spent about 18.8% of domestic sales on R&D in the United States, the group said.