Home Trade association The biotechnology sector is booming, generating an economic impact of nearly $3 trillion

The biotechnology sector is booming, generating an economic impact of nearly $3 trillion

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Job growth up 11% since 2018 – according to new data from the Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA)

WASHINGTON, October 28, 2022 /PRNewswire/ — The Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA) today released new data on the bioscience industry in United States.

The new report The U.S. Bioscience Industry: Fostering Innovation and Driving the U.S. Economy, examines the economic performance of the bioscience industry and its footprint across the country and individual states during the COVID-19 pandemic.

Some takeaways:

  • The national bioscience industry employed 2.1 million employees in more than 127,000 U.S. business establishments in 2021.
  • While the overall economy has lost 1.5% of its employment base, the bioscience industry has increased employment by 11% since 2018.
  • In total, the economic impact of the biosciences industry on the US economy amounts to $2.9 trillion in 2021, measured by overall production.
  • Biotech companies – especially small and medium-sized ones – have embarked on a monumental effort to develop vaccines and treatments for COVID-19; 747 new compounds are currently under development.

“These data highlight the vital role that U.S. bioscience companies are playing in creating jobs and driving the economy. The report further demonstrates the industry’s enormous role in managing the COVID pandemic. -19, both in terms of delivering life-saving therapies and vaccines to patients, as well as economic recovery,” said Pete PelleritoBIO’s senior policy advisor for federal and state economic development and technology transfer initiatives.

“Even during the pandemic, employment in biosciences has increased while other industrial sectors have collapsed. Going forward, the industry will continue to play a vital role, not only in meeting global challenges in health, but also to help grow the U.S. economy by generating high-quality jobs,” said Ryan HelwigPrincipal and Project Director at TEConomy Partners.

The State-by-State Industry Assessment is the tenth in a biennial series, developed in partnership by TEconomy Partners and organicand studies the state of the US bioscience industry and its associated innovation ecosystem at the national, state, and metropolitan levels.

The report includes individual fact sheets for the 50 states, District of Colombia and Porto Ricowhich can be viewed with the full report and interactive map at www.bio.org/jobs.

About BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across United States and in more than 30 other countries. BIO members are involved in the research and development of innovative biotechnology products in the fields of health, agriculture, industry and the environment. BIO also produces the Organic International Conventionthe world’s largest gathering of the biotechnology industry, as well as meetings of leading investors and partners held around the world. Have a good organic day is the only daily newsletter at the intersection of biotechnology, politics and politics. Subscribe here.

About TEConomy

TEConomy Partners, LLC is a global leader in research, analysis and strategy for innovation-driven economic development. Today, we help nations, states, regions, universities and industries plan for their future and turn knowledge into prosperity. Directors of TEConomy Partners include the authors of previous Battelle/BIO State Bioscience Development reports, published since 2004. For more information, please visit www.teconomypartners.com.

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SOURCE Biotechnology Innovation Organization (BIO)