Academic-Industry Patent Licensing Contributed Up to $1.18 Trillion to U.S. Economy Since 1996
A newly released study, commissioned by the Biotechnology Industry Organization (BIO), documents the significant impact academic technology transfer makes on the U.S. economy.
The report, entitled, “The Economic Contribution of University/Nonprofit Inventions in the United States: 1996- 2013,” estimates that during this 18-year time period academic-industry patent licensing bolstered U.S. gross industry output by up to $1.18 trillion, U.S gross domestic product (GDP) by up to $518 billion, and supported up to 3,824,000 U.S. jobs.
“We cannot take tech transfer, or the U.S. patent system upon which it is based, for granted, particularly in the current economy. Preserving this system is critical to ensuring continued U.S. economic revival and spurring the next wave of innovation in the life sciences.”
- BIO President & CEO Jim Greenwood.
For stories behind these numbers, see AUTM’s 2013 Survey:
- 818 start-up companies formed around academic patents (up 16% from 2012)—which is more than two new companies created every working day of the year;
- 4,200 start-ups in operation, mostly located in the same state as the parent research institution, creating regional economic development;
- $22.8 billion in directly reported product sales from commercialized academic inventions;
- 719 new products introduced into the market (up 22% from 2012) – or more than two new products introduced every day of the year.