Innovation New Jersey
  • Home
  • Our Coalition
    • Contact Us
  • News
  • Resources
    • State Supports
    • Federal Supports
    • Higher Ed Supports
  • Join Us

Innovation News

Everything Innovation. Everything New Jersey.
Follow us and stay connected.

BIO’s New Bioscience Report Shows Industry Creating Jobs, Driving Innovation in U.S. and New Jersey

6/16/2016

0 Comments

 
Washington, DC ― At its BIO International Convention on June 9 in San Francisco, the Biotechnology Innovation Organization (BIO) released a study — “The Value of Bioscience Innovation in Growing Jobs and Improving Quality of Life 2016” — that shows increased employment within the United States bioscience industry for the last four consecutive years. 
 
The report also shows that New Jersey’s economy is 89 percent more concentrated in the biosciences than the national average and this high degree of specialization spans four of the five major industry subsectors: drugs and pharmaceuticals; research, testing, and medical labs; bioscience-related distribution; and medical devices. 
 
The report also shows impressive U.S. bioscience industry strength and resilience, with employment growth of nearly 10 percent since 2001.  Among technology sectors the bioscience industry has been a leading performer over this period.
​The report finds U.S. bioscience firms employ 1.66 million people, a figure that includes nearly 147,000 high-paying jobs created since 2001.  
 
The average annual wage for a U.S. bioscience worker reached $94,543 in 2014. These earnings are $43,000 greater, on average, than the overall U.S. private sector wage of $51,148.
 
The report further shows that since 2012, the bioscience industry has grown by 2.2 percent with four of its five major subsectors contributing to this overall job gain.
 
Two of these subsectors—research, testing, and medical labs and drugs and pharmaceuticals—have led growth during the 2-year period with both increasing employment by more than 3 percent.
 
The report also takes the pulse of the broader U.S. innovation ecosystem for bioscience companies and finds this ecosystem rebounding but with mixed results.  The U.S. is experiencing strong gains in bioscience venture capital funding and patents, but a slowdown in bioscience-related university R&D expenditures and declining research funding from the National Institutes of Health (NIH).
 
In addition to examining the economic value of bioscience innovation, the report takes a focused look at the value of this innovation to patients illustrated via two case studies for patients with lung cancer and Type 2 diabetes. The value of bioscience innovation is evident in quality of life improvements achieved over the last three decades, but there is more to be done.
 
BIO President and CEO Jim Greenwood said, “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 to heal, fuel and feed the world.”
 
“These biotech jobs are a critical economic component to states and local communities across the nation,” Greenwood added.
 
“While the bioscience industry has continued to grow, our analysis shows it is not immune to market realties,” Greenwood continued.  “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.”
 
Ryan Helwig, Principal and Project Director with TEConomy Partners, said, “The bioscience industry continues to prove its economic value by driving U.S. economic growth through innovation, but beyond this economic value, the industry is contributing value to patients every day through improvements to their quality of life.”
 
The state-by-state industry assessment is the seventh in a biennial series, developed in partnership by TEConomy and BIO, presenting data on national, state, and metropolitan area bioscience industry employment and recent trends.
 
Additional highlights from the industry economic analysis include:
 
  • Overall industry employment has increased for four consecutive years, and in 2014 all five of the major industry subsectors grew.
 
  • The industry continues to create and sustain high-wage jobs, reflecting the high skills and education requirements of an innovative workforce, with the average U.S. bioscience worker earning nearly 85 percent more than the private sector average. Bioscience wages have grown substantially faster than overall private sector wages.
 
  • The industry is a major economic driver and is well distributed across U.S. states and cities:
 
  • From 2012 through 2014, 35 states experienced net job growth in the biosciences.
 
  • Thirty-two states and Puerto Rico have an employment specialization in at least one bioscience subsector (at least 20 percent more concentrated than the nation).
 
  • For U.S. metropolitan areas, 222 of 381 have at least one bioscience specialization.
 
  • Through strong economic multiplier impacts, each bioscience industry job generates an additional 4.5 jobs in the U.S. economy. The broader employment impact of the 1.66 million U.S. bioscience jobs is an additional 7.53 million jobs throughout the rest of the economy.
 
Highlights from the analysis of the innovation ecosystem for the bioscience industry include:
 
  • TEConomy/BIO see strength in recent venture capital and patenting trends:
 
  • Venture capital investments in bioscience-related companies have increased significantly from a $10.0 billion per year average in 2012-13 to a $14.4 billion per year average in 2014-15. The investment levels reached in the last two years represent new highs for bioscience-related venture capital.
 
  • Innovation continues to drive the biosciences, with more than 100,000 U.S. bioscience patents awarded from 2012 through 2015. During this period, patent volumes continue to trend upward.
 
  • Signs of stress remain in metrics of federal research funding and academic R&D activity:
 
  • Overall funding from NIH has declined by 3 percent from 2012 through 2015, despite an uptick in this latest year.  It should be noted that concerns over this stagnate level of NIH funding led Congress to approve a nearly 6 percent increase for NIH in FY 2016.
 
  • Across America’s colleges and universities, the pace of R&D spending in bioscience-related research areas has slowed considerably. From 2012 through 2014, the average annual increase in bioscience-related university R&D was 0.6 percent, while during the preceding 10-year period annual increases averaged 7 percent.
 
To access the full, 66-page report, click here.
 
To access the New Jersey fact sheet, click here.
 
To access fact sheets for all 50 states, the District of Columbia and Puerto Rico, click here.
 
About Biotechnology Innovation Organization (BIO)
 
Based in Washington, DC, 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.
 
About TEConomy
 
TEConomy Partners, LLC is a global leader in research, analysis, and strategy for innovation-based economic development.  Today it is 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 more information, please visit http://www.teconomypartners.com.
 
0 Comments



Leave a Reply.

    Do not miss a single innovative moment and sign up for our newsletter!
    Weekly updates


    Categories

    All
    3D Printing
    Academia
    Acquisitions
    Aerospace
    Agriculture
    AIDS
    Algae
    Alumni
    Animals
    Architecture
    Astrophysics
    Autism
    Awards
    Big Data
    Bioethics
    Biofuel
    Biomedical
    BioNJ
    Bioterrorism
    Bit Coins
    Brain Health
    Business
    Camden
    Cancer
    CCollege
    Cellular
    Centenary
    Chemistry
    ChooseNJ
    Climate Change
    Clinical Trials
    Cloud Tech
    Collaboration
    Computing
    Congress
    Coriell
    Council On Innovation
    Crowdfunding
    Cybersecurity
    DARPA
    Defense
    Degree
    Dementia
    Dental Health
    DOC
    DOD
    DOE
    Drew
    Drones
    Drug Creation
    Einstein's Alley
    Electricity
    Energy
    Engineering
    Entrepreneurship
    Environmental
    FAA
    Fairleigh Dickinson
    FDA
    Federal Budget
    Federal Government
    Federal Labs
    Federal Program
    Finance
    Food Science
    Fort Monmouth
    Fuel Cells
    Funding
    Genome
    Geography
    Geology
    Global Competition
    Google
    Governor Christie
    Grant
    Hackensack
    HackensackUMC
    Healthcare
    Health Care
    HHS
    HINJ
    Hospitals
    Immigration
    Incubator
    Infrastructure
    International
    Internet
    Investor
    IoT
    IP
    IT
    Jobs
    Johnson & Johnson
    K-12
    Kean
    Kessler
    Legislation
    Logistics
    Manufacturing
    Medical Devices
    Med School
    Mental Health
    Mentor
    Microorganisms
    Molecular Biology
    Montclair
    NAS
    Neuroscience
    Newark
    New Jersey
    NIFA
    NIH
    NIST
    NJBDA
    NJBIA
    NJ Chemistry Council
    NJCU
    NJDOLWD
    NJEDA
    NJEDge
    NJHF
    NJII
    NJIT
    NJMEP
    NJPAC
    NJPRO
    NJTC
    Nonprofit
    NSF
    OpEd
    Open Data
    OSHE
    OSTP
    Parasite
    Patents
    Paterson
    Patients
    Perth Amboy
    Pharma
    POTUS
    PPPL
    Princeton
    Prosthetics
    Ranking
    Rare Disease
    R&D Council
    Report
    Resiliency
    Rider
    Robotics
    Rowan
    Rutgers
    SBA
    Seton Hall
    Siemens
    Smart Car
    Smart Cities
    Software
    Solar
    Space
    SSTI
    Startup
    State Government
    STEM
    Stevens
    Stockton
    Subatomic
    Supports
    Sustainability
    Taxes
    TCNJ
    Teachers
    Telecom
    Therapy
    Thermodynamics
    Transportation
    Undergraduate
    USEDA
    Verizon
    Video Game
    Virtual Reality
    Water
    WHO
    William Paterson
    Women In STEM
    Workforce Development

Home   Coalition   News   Resources   Events   Join Us
Picture
Innovation New Jersey Coalition
10 West Lafayette Street
Trenton, NJ 08608-2002
609-858-9507