October 26, 2022
New data released from the Biotechnology Innovation Organization (BIO) and TEConomy Partners about the bioscience industry in the United States
The new report released this morning, The U.S. Bioscience Industry: Fostering Innovation and Driving America’s Economy Forward, examines the bioscience industry’s economic performance and footprint across the nation and individual states during the pandemic. This report is the 10th edition of the biennial series.
The report reveals that the industry has grown during the last two and a half years, generating high-wage jobs and significant economic impacts–all during powerful economic and global pandemic challenges. Specifically, the economic impact of the bioscience industry on the U.S. economy, as measured by overall output, totaled $2.9 trillion dollars in 2021.
Highlights of the Illinois report findings include:
- Illinois’ bioscience industry employment base has grown by 4.5% from 2018-21, acting as a key economic engine during a period when private sector employment in the state declined by 4.8%.
- Illinois is among the top tier of all states in bioscience industry employment; establishments; university bioscience-related R&D expenditures; NIH funding; and VC investments in bioscience-related companies.
- Bioscience industry employment: 90,941
- Bioscience venture capital investments, 2018-21 ($ millions): $4,219
(2021 alone = $1,966MM)