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TEConomy/BIO National Industry Report | FLORIDA HIGHLIGHTS

Tuesday, June 9, 2020   (0 Comments)
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A TEConomy/BIO report released yesterday demonstrates the economic value of bioscience innovation,the significant role of small- and mid-sized companies, and the industry’s response to the COVID-19 pandemicin the United States.


The Bioscience Economy:Propelling Life-Saving Treatments, Supporting State & Local Communities 2020includes aFlorida profile. Florida's bioscience industryis large and growing with noteworthy innovation as demonstrated by the significant number of bioscience related patents issued within the state.


Florida highlights include:

· Florida ranks in the top quintile for bioscience industry employment, establishments, number of bioscience and related patents and now is among the top tier of states in academic research.

· Supporting 93,534 direct jobs in 2018 with an average annual wage of $90,518, Florida's bioscience industry has grown its employment base by 7.4 percent since 2016. Particularly significant is the more than 15 percent employment gain in the drugs and pharmaceuticals, far outpacing the national average of 3.0 percent growth for this subsector.

· The number of bioscience establishments in Florida has increased 8.1 percent with 6,700 bioscience establishments now calling the Sunshine State home.

· Bioscience patents, NIH awards and VC investments in Florida ‘s bioscience companies have also increased during the 2016-19 period.


For additional findings, please see the BIO news release below and the national and Florida profile.

New Report Analyzes Bioscience Industry’s Impact on

Economy & Global Pandemic

June 8, 2020 -- The Biotechnology Innovation Organization (BIO) today 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, the significant role of small- and mid-sized companies, and the industry’s response to the COVID-19 pandemic.


· The nation’s bioscience industry employed 1.87 million workers across more than 101,000 U.S. business establishments in 2018.

· The bioscience industry’s total economic impact on the U.S. economy totaled $2.6 trillion dollars in 2018, as measured by overall output.

· Small and mid-sized biopharmaceutical companies comprised 71% of total biopharmaceutical industry employment and 99% of the business establishments.

· Smaller biopharmaceutical firms play a key role in innovation and have accounted for 60% or more of all FDA drug approvals each year over the past three years (2017-2019).

· As of mid-May 2020, there were more than 400 drug programs in development aimed at eradicating the COVID-19 disease, including 100 vaccine programs and 135 antiviral drug programs.


“For years, this report has put a spotlight on the immense impact America’s bioscience industry has on the economy, job creation, and economic output. Now, as we endure the Coronavirus pandemic, it is encouraging to see industry at record strength as it took on the threat,” said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives.


“The bioscience industry has a strong track record of near continuous growth and will be more important than ever to help end the pandemic and rebuild our global economy,” said Ryan Helwig, Principal and Project Director with TEConomy Partners.


The state-by-state industry assessment is the ninth in a biennial series, developed in partnership byTEConomyandBIO, and studies the state of the U.S. bioscience industry and its associated innovation ecosystem at the national, state, and metropolitan area levels.


The report includes individual fact sheets for all 50 states, the District of Columbia and Puerto Rico, which can be found alongside the full report and interactive map

About BioFlorida

BioFlorida is the voice of Florida's life sciences industry, representing 6,700 establishments and research organizations in the BioPharma, MedTech, HealthIT & BioAg that collectively employ nearly 94,000 Floridians.