Biopharmaceuticals Big in Texas

National biopharmaceutical companies were responsible for creating more than 12,000 jobs in Texas in 2003, according to a new report from the Santa Monica, Calif.-based Milken Institute, an independent economic think tank.

The report, released on Tuesday, focuses on the economic impact of the biopharmaceutical industry and includes such indicators as job creation, economic output and taxes paid on a national and state-by-state basis.

The report found that 2.8 jobs are created for every new biopharmaceutical position in Texas. And with 12,311 high-skilled, high-tech jobs created by biopharmaceutical companies in Texas in 2003, the report is projecting that companies will directly create an additional 13,110 jobs in the state by 2014.

By 2014, nearly 59,376 jobs will be created indirectly from those new biopharmaceutical industry positions, the study predicts.

More here.