Illinois’ bioscience industry has seen major growth in recent years as government grants and private investors have pumped money into the sector, according to a new report. But a shaky economy and venture-capital slowdown this year will likely hamstring continued growth, experts say.
From 2018 to 2021, Illinois’ bioscience sector saw employment grow 4.5% to nearly 91,000 workers across 4,297 business establishments, which include corporate office, manufacturing sites and distribution centers.
“The pandemic really highlighted the importance of the industry from the medical device and diagnostics all the way to therapeutics and vaccines,” says John Conrad, CEO of the Illinois Biotechnology Innovation Organization, or iBio, a life sciences industry booster. “This is an industry that Illinois needs to focus on.”
Read the full article on Crain’s Chicago
