So, How big is the current Biotech economy ?

July 18, 2014

The Battelle/BIO report on the US bioeconomy is too inclusive in some places and too exclusive in others.

 

Q: What's rich and lies at the heart of the US bioscience industry?

A: Thousands of highly paid corporate lawyers (jobs that should be included the next time Battelle/BIO compile their report on US bioscience jobs)!

 

According to nonprofit R&D organization Battelle and trade association the Biotechnology Industry Organization (BIO), in the past decade US bioscience companies created nearly 111,000 new, high-paying jobs. These high-paying jobs are tallied in a new report entitled State Bioscience: Jobs, Investments and Innovation 2014, which now counts 1.62 million people working across 73,000 individual business establishments in the bioscience economy. The Battelle and BIO report, released at the annual BIO International Convention, reckons that the bioscience industry weathered the recession much better than other sectors of the US economy, expanding its economic output 17% since 2007, twice the average increase in the rest of the private sector.

 

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