Biotech Sector Thrives, Generating Nearly $3 Trillion Economic Impact - New Report Shows

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Biotechnology Innovation Organization (BIO)

Oct 28, 2022, 08:00 ET

Job Growth rises 11% since 2018 - new data by the Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA) says

WASHINGTON, Oct. 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 the United States.

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

Some key takeaways:

The nation's bioscience industry employed 2.1 million employees across more than 127,000 U.S. business establishments in 2021.
As the overall economy shed 1.5% of its job base, the biosciences industry increased employment by 11% since 2018.
In total, the bioscience industry's economic impact on the U.S. economy amounted to $2.9 trillion dollars in 2021, as measured by overall output.
Biotech companies – especially small – and mid-sized – undertook a monumental effort to develop COVID-19 vaccines and therapeutics; there are 747 novel compounds in development currently.

"This data highlights the vital role U.S. bioscience companies have in creating jobs and stimulating the economy. The report further shows the industry's enormous role in navigating the COVID-19 pandemic, both in terms of getting life-saving therapies and vaccines to patients, as well as economic recovery," said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives.

"Even during the pandemic, bioscience employment grew as other industrial sectors faltered. Looking forward, the industry will continue to play a critical role, not only in addressing global health challenges but in helping to grow the U.S. economy by generating high-quality jobs," said Ryan Helwig, Principal and Project Director with TEConomy Partners.

The state-by-state industry assessment is the tenth in a biennial series, developed in partnership by TEConomy Partners and BIO, and studies the state of the U.S. bioscience industry and its associated innovation ecosystem at the national, state, and metropolitan area levels.

The report includes individual fact sheets for all 50 states, the District of Columbia and Puerto Rico, which can be found alongside 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 the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. Good Day BIO is the only daily newsletter at the intersection of biotech, politics and policy. Subscribe here.

About TEConomy

TEConomy Partners, LLC is a global leader in research, analysis and strategy for innovation-driven economic development. Today we're helping nations, states, regions, universities and industries blueprint their future and translate knowledge into prosperity. The principals of TEConomy Partners include the authors of the prior Battelle/BIO State Bioscience Development reports, published since 2004. For further information, please visit www.teconomypartners.com.

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SOURCE Biotechnology Innovation Organization (BIO)