New Report Analyzes Bioscience Industry’s Impact on Economy & Global Pandemic
The Biotechnology Innovation Organization (BIO) today released new data on the bioscience industry in the United States.
The new report, The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities, analyzes the bioscience industry’s economic footprint, the significant role of small- and mid-sized companies, and the industry’s response to the COVID-19 pandemic.
- The nation’s bioscience industry employed 1.87 million workers across more than 101,000 U.S. business establishments in 2018.
- The bioscience industry’s total economic impact on the U.S. economy totaled $2.6 trillion dollars in 2018, as measured by overall output.
- Small and mid-sized biopharmaceutical companies comprised 71% of total biopharmaceutical industry employment and 99% of the business establishments.
- Smaller biopharmaceutical firms play a key role in innovation and have accounted for 60% or more of all FDA drug approvals each year over the past three years (2017-2019).
- As of mid-May 2020, there were more than 400 drug programs in development aimed at eradicating the COVID-19 disease, including 100 vaccine programs and 135 antiviral drug programs.
“For years, this report has put a spotlight on the immense impact America’s bioscience industry has on the economy, job creation, and economic output. Now, as we endure the Coronavirus pandemic, it is encouraging to see industry at record strength as it took on the threat,” said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives.
“The bioscience industry has a strong track record of near continuous growth and will be more important than ever to help end the pandemic and rebuild our global economy,” said Ryan Helwig, Principal and Project Director with TEConomy Partners.
The state-by-state industry assessment is the ninth in a biennial series, developed in partnership by TEConomy 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.