New State Biotech Study Released

Employment and other economic activity in the biosciences has grown dramatically in the past three years, and states working to attract bioscience companies are learning that success means specializing in specific sub-sectors, according to a new study by the Battelle Memorial Institute and the State Science and Technology Institute (SSTI) for the Biotechnology Industry Organization (BIO).

The study is the most comprehensive analysis ever done to quantify the scope and impact of bioscience employment in all 50 states. It also examines programs in each state to promote the development of bioscience companies. This state-by-state analysis expands on a 2001 study that looked at activities in 42 states.

Key findings include:

* In 2004, 40 states specifically target the biosciences for
development and all 50 states have economic development initiatives
available to assist bioscience companies. Investments have grown --
as much as $500 million in Florida, and experimental approaches,
such as tax credits to encourage investment in private venture
capital funds, have also increased significantly.

* More than 885,000 people in the United States are employed in the
biosciences. The largest segment of this group is working in the
areas of medical devices and equipment, which accounts for 37
percent of bioscience employment.

* In 2003, bioscience workers on average were paid at least $18,600
more than the overall national average private sector annual wage.

More here.