To quantify the dollar value of economic returns to a community when a college of pharmacy attains its fourfold mission of research, service, patient care, and education.
United States Bureau of Economic Analyses (BEA) RIMS II input/output analysis and data from student and faculty surveys were used to quantify the economic impact of the University of Tennessee's College of Pharmacy (UTCOP).
The UTCOP's revenue of $22.4 million resulted in an indirect output impact of over $29.2 million, for a total impact of nearly $51.6 million in output (production of goods and services), while supporting 617.4 jobs and total earnings of $18.5 million during the 2004-2005 school year.
Demonstrating the economic value of colleges of pharmacy is critical when seeking support from state legislators, foundations, government agencies, professional associations, and industry. Based on this study, UTCOP was able to report that every dollar the state invests in UTCOP yields an estimated net return on investment of $27.90.