The Value of Bioscience Innovation in Growing Jobs and Improving Quality of Life 2016
A Report from TEConomy & the Biotechnology Innovation Organization
According to a report examining the economic value of bioscience innovation, 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.
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The bioscience industry in Georgia is sizable and growing, reaching nearly 30,000 jobs across 2,047 business establishments in 2014. The state’s bioscience companies have increased employment by 6.8 percent since 2012 with four of the five industry subsectors adding jobs during this period and led by strong employment gains in research, testing, and medical labs. Georgia’s bioscience and biomedical research complex is large with nearly $967 million in bioscience academic R&D which is, in part, funded by NIH which awarded $507 million to state institutions (including non-university institutions) in 2015. Venture capital investments in Georgia bioscience companies have totaled $615 million since 2012 and have funded firms across a range of technology areas including health information technology, therapeutics, and human biotechnology.
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