From routine blood tests to ground-breaking genetic and molecular tests, clinical labs play a vital role in our health care system. While laboratories are only two percent of total US healthcare costs, they are essential to assist clinicians in monitoring, diagnosing, and treating disease. Clinicians rely on lab results for patients with cancer, diabetes, and heart disease. Precision medicine—the customization of healthcare, with medical decisions, practices, or products tailored to the individual patient’s genetics or other biomarkers—depends on advances in clinical laboratory techniques.
The industry contributes over $100 billion in output or just under 0.56 percent of GDP and, through its services to doctors’ offices and hospitals, to its linkages to medical supply chains, impacts firms throughout the US economy. The combined impacts from the lab industry create over 622,000 jobs and $40 billion in wages, promoting economic growth in communities through spending on medical equipment and personnel services to housing and educational services.
Clinical laboratories pay more than $13 billion in state and federal taxes to help support vital community services. By improving the environment for the clinical laboratory industry to operate, we create the conditions for healthier patients and a stronger economy.