ThomasNet News Logo
Sign Up | Log In | ThomasNet Home | Promote Your Business

National Bioscience Report shows robust industry.

Print | 
Email |  Comment   Share  
July 2, 2014 - Analyzing U.S. bioscience industry growth over last 11 years, Battelle/BIO State Bioscience Jobs, Investments and Innovation 2014 report reveals positive trends. Industry demonstrated strong record of growth from 2001–2012, has navigated deep economic recession better than most industries, and is once again growing. State-by-state industry assessment finds U.S. bioscience firms directly employ 1.62 million people, a figure that includes nearly 111,000 new, high-paying jobs created since 2001.

National Bioscience Report Shows Industry Robust with Strong Prospects for Growth


Biotechnology Industry Organization
1201 Maryland Ave., SW, Ste. 900
Washington, DC, 20024
USA



Press release date: June 24, 2014

Bioscience industry a bright spot among the technology sector

2014 BIO International Convention

SAN DIEGO-- A study released today analyzing the U.S. bioscience industry growth over the last eleven years, through the recent recession and early economic recovery, reveals positive trends. The industry demonstrated a strong record of growth from 2001-2012, has navigated the deep economic recession better than most industries and is once again growing.

“This report highlights the long-term expansion of our industry and the significant impact of the high-paying jobs that come with developing the innovative technologies that are helping feed, fuel and heal the world. These biotech jobs are a critical economic component to states and local communities across the nation”

The report, Battelle/BIO State Bioscience Jobs, Investments and Innovation 2014, the sixth in a biennial series from Battelle and BIO tracking the U.S. bioscience industry, reveals a robust bioscience sector that has weathered difficult economic conditions and is on a course for continued growth. The state-by-state industry assessment finds U.S. bioscience firms directly employ 1.62 million people, a figure that includes nearly 111,000 new, high-paying jobs created since 2001.

Within the private sector, the bioscience industry has been a signature performer over this period, contributing an additional 6.24 million jobs through the indirect employment effect, yielding a total employment impact of 7.86 million jobs. Furthermore, the bioscience industry continues to create and sustain high-wage jobs, paying an average 80% more than the overall private sector average salary – and growing at a faster rate.

The U.S. bioscience industry weathered the recession much better than the overall economy and other leading knowledge-based industries. While national private sector employment fell by 3.1% from the outset of the recession in 2007 through 2012, bioscience industry employment fell a mere 0.4%. While employment has almost returned to its pre-recession level, the economic output of the bioscience industry has expanded significantly with, 17% growth since 2007, almost twice the national private sector nominal output growth.

The study presents the most up-to-date data available on national, state and metropolitan area bioscience industry employment and recent trends from 2001 to 2012, though much of the assessment focuses on the industry’s more recent performance from 2007. The report also presents a set of key bioscience performance metrics and profiles recent university and state initiatives designed to accelerate growth of the biosciences and other technology industries.

“This report highlights the long-term expansion of our industry and the significant impact of the high-paying jobs that come with developing the innovative technologies that are helping feed, fuel and heal the world. These biotech jobs are a critical economic component to states and local communities across the nation,” said Jim Greenwood, President and CEO of BIO. “While the bioscience industry has continued to grow, our analysis shows it is not immune to market realties. State-level legislative and regulatory policies directly impact the innovation that brings research from the lab to the marketplace, and BIO will continue to advocate for effective public policy at every level of government.”

“The fact that the biosciences industry weathered the recession and slow economic recovery better than the overall economy and has been a top-performing industry over the last decade demonstrates its importance as an economic driver for our nation,” said Mitch Horowitz, Vice President at Battelle. “While bioscience employment has picked up in 2011 and 2012, its promising growth cannot be taken for granted.”

Additional highlights from the industry analysis include:

The research, testing and medical laboratories subsector has been the primary engine of bioscience industry job growth—increasing employment by 28 percent since 2001 and by nearly 10 percent since 2007.
Through strong economic multiplier impacts, each bioscience job generates an additional 3.9 jobs in the U.S. economy (employment multiplier of 4.9).
The industry is well distributed across the United States and plays a major role as an economic driver. Thirty-three states and Puerto Rico have an employment specialization (20 percent or more concentrated than the nation) in at least one of the five bioscience subsectors, which include agricultural feedstock and chemicals; bioscience-related distribution; drugs and pharmaceuticals; medical devices and equipment; and research, testing and medical labs.
In the recent 2007 to 2012 period, which includes the recession and early years of the recovery, 28 states had overall job gains in the biosciences.
Of the nation’s 381 metropolitan areas, 216 have a specialized employment concentration in at least one of the bioscience subsectors. Twenty-nine regions have a specialized employment concentration in at least three of the five subsectors.

Highlights from the analysis of innovation performance metrics include:

The number of bioscience-related patents issued in the U.S. has steadily increased every year since 2009, with a growth rate that has exceeded that for all patents.
Academic R&D in the biosciences saw a $4.7 billion increase from 2009 through 2012 of $4.7 billion, or 14% increase.
Battelle/BIO see signs of stress in the bioscience innovation ecosystem that are a concern for the future if not addressed. These include declines in federal funding for biomedical research through the National Institutes of Health (NIH), as well as recent declines in risk capital invested in the biosciences. These trends can create barriers to advancing bioscience innovation in the future.
The Battelle/BIO report includes individual profiles for all 50 states, the District of Columbia and Puerto Rico, and can be found on the BIO website at http://bio.org/Battelle2014.

About Battelle
Every day, the people of Battelle apply science and technology to solving what matters most. At major technology centers and national laboratories around the world, Battelle conducts research and development, designs and manufactures products, and delivers critical services for government and commercial customers. Headquartered in Columbus, Ohio since its founding in 1929, Battelle serves the national security, health and life sciences, and energy and environmental industries. For more information, visit www.battelle.org.

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. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.

Upcoming BIO Events

BIO Latin America Conference
September 9-11, 2014
Rio de Janeiro, Brazil

Livestock Biotech Summit
September 16-18, 2014
Sioux Falls, SD

BIO Investor Forum
October 7-8, 2014
San Francisco, CA

Pacific Rim Summit on Industrial Biotechnology & Bioenergy
December 7-9, 2014
San Diego, CA

Contacts
Biotechnology Industry Organization (BIO)
George Goodno, 202-962-6660
Web: www.bio.org
Blog: www.biotech-now.org
Twitter: @IAmBiotech
Print | 
Email |  Comment   Share  
Contacts: View detailed contact information.


 

Post a comment about this story

Name:
E-mail:
(your e-mail address will not be posted)
Comment title:
Comment:
To submit comment, enter the security code shown below and press 'Post Comment'.
 



 See related product stories
More .....
 See more product news in:
Services
| Featured Manufacturing Jobs
 Other News from this company:
The 13th Annual BIO Investor Forum to Host Over 100 Presenting Companies
Dr. Richard Raymond to Be Keynote Speaker for 2014 BIO Livestock Biotech Summit
BIO Launches Survey on FDA/Sponsor Interactions During Drug Development
13th Annual BIO Investor Forum to Highlight IPO Success Since Passage of JOBS Act
BIO Extends Deadline on Call for Papers for 2014 Pacific Rim Summit on Industrial Biotechnology and Bioenergy
More ....
 Tools for you
Watch Company 
View Company Profile
Company web site
More news from this company
E-mail this story to a friend
Save Story
Search for suppliers of
Trade Associations


Home  |  My ThomasNet News®  |  Industry Market Trends®  |  Submit Release  |  Advertise  |  Contact News  |  About Us
Brought to you by Thomasnet.com        Browse ThomasNet Directory

Copyright © 2014 Thomas Publishing Company. All Rights Reserved.
Terms of Use - Privacy Policy



Error close

Please enter a valid email address