The Biotechnology Innovation Organization (BIO) released new data on the bioscience industry in the United States. The new report, The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities, analyzes the bioscience industry’s economic footprint across the nation and in Arizona, the significant role of small- and mid-sized companies, and the industry’s response to the COVID-19 pandemic.
According to the report commissioned and TEConomy Partners:
Arizona’s bioscience industry is growing rapidly and reached nearly 30,000 jobs spanning 2,160 business establishments in 2018. Industry employment has grown by 15 percent since 2016—twice the growth rate of the nation—with each of the five major subsectors adding jobs during the period.
Arizona’s universities conducted nearly $580 million in R&D activities in bioscience-related fields in 2018, fueled in part by steadily increasing NIH awards to Arizona institutions since 2016.
Venture capital investments in Arizona bioscience companies increased in 2019, and during the 2016-19 period totaled $349 million.
Arizona inventors have been awarded 2,178 bioscience-related patents since 2016, among the second quintile of states in patent activity.
“The bioscience industry’s economic footprint reaches into so many local communities across the country. From capital investments to research & development, this report shows the impact of the biosciences across the nation’s innovation ecosystem. The bioscience industry is critically important to Arizona and we are proud to work closely with partners like AZBio to help ensure the future of the industry and its role as an economic driver in the region,” said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives.”
The state-by-state industry assessment is the ninth in a biennial series, developed in partnership by TEConomy and BIO, and studies the state of the U.S. bioscience industry and its associated innovation ecosystem at the national, state, and metropolitan area levels.
For 17 years, the Arizona Bioindustry Association (AZBio) has supported life science innovation and life science innovators in Arizona. A key component in Arizona’s life science ecosystem, AZBio is the only statewide organization exclusively focused on Arizona’s bioscience industry. AZBio membership includes patient advocacy organizations, life science innovators, educators, healthcare partners and leading business organizations. AZBio is the statewide affiliate of the Biotechnology Innovation Organization (BIO) and works in partnership with AdvaMed, MDMA, and PhRMA to advance innovation and to ensure that the value delivered from life-changing and life-saving innovation benefits people in Arizona and around the world.