bioscience

The U.S. bioscience industry is helping to meet the challenges presented by the pandemic through two, key characteristics: its innovative capacity to address global challenges, and its role as a consistent economic stalwart, with a track record of generating high-quality jobs and growth that has acted as a key buffer during prior economic recessions. Those are among the findings of the ninth biennial report on the economic footprint of the industry, The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities, produced by TEConomy and the Biotechnology Innovation Organization (BIO).

The Massachusetts Life Sciences Center (MLSC) plans to launch a seed fund to support the development of life sciences startups outside of the Greater Boston area. These areas, many already rich in major research university and medical center anchor institutions, should be bolstered by this early-stage funding currently concentrated in Boston.

The U.S. biosciences industry directly employs 1.74 million people and indirectly supports $2.0 trillion in economic output and roughly 8 million jobs nationwide, according to "Investment, Innovation and Job Creation in a Growing U.S. Biosciences Industry," a new report by TEConomy Partners on behalf of the trade association BIO. The report, released at BIO’s annual conference last week, finds that biosciences venture capital investment is reaching new highs, while overall innovation ecosystem strength and patent activity is bolstered by increasing NIH budgets and growth in academic R&D. The report’s authors also take an in-depth look at the industry, its components, its contributions to the national economy, and the state and metropolitan areas where it is most concentrated.

The bioscience industry has had a positive impact on states’ economies and continues to be a driver of economic growth according to a new report from Biotechnology Innovation Organization (BIO). State lawmakers have recognized the importance of the industry, the authors state, and have responded to challenges facing the bioscience companies with legislative efforts focused on a supportive business climate, including increasing available funding, particularly for emerging companies in their state, and leveraging academic and medical research facilities to create strategically planned campus extensions such as Smart Zones or Innovation Zones that contain incubator space and incentives for start-up companies.