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Report Highlights Economic Impact of Tech Transfer on U.S. Economy Between 1996 and 2010
The Biotechnology Industry Organization (BIO) released a report on the significant economic impact of university and nonprofit institution patent licensing on the U.S. economy between 1996 and 2012. According to The Economic Contribution of University/Nonprofit Inventions in the United States: 1996-2010, the economic impact data related to patent licensing from university and nonprofit institutions indicated:
- The impact on U.S. gross industry output is as much as $836 billion;
- The impact on U.S. gross domestic product is as much as $388 billion;
- University and nonprofit licensing supported as many as 3 million jobs; and,
- In 2010 alone, academic and nonprofit research institutions spun out approximately 651 new companies.
BIO President and CEO Jim Greenwood credits the establishment of the technology transfer system by the Bayh-Dole Act of 1980 as a key underpinning of the U.S. innovation economy and catalyst for these impacts in a press release press release. Bayh-Dole enabled the patenting and commercialization of federally-funded university and nonprofit institution research that expanded the economy and improved the nation's health and quality of life over this time.
economic impact report, tech transfer