$3 trillion growth for US biotech sector
Posted on the 14th November 2022
A new report has revealed huge growth in the US biotech industry, with the COVID-19 pandemic being noted as the key driver.
The Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA) data have valued the industry at $2.9 trillion dollars. Their report also found that the industry employs 2.1 million people, an increase of 11 per cent on figures captured in 2018.
Titled The US Bioscience Industry: Fostering Innovation and Driving America’s Economy Forward, the report evaluates the bioscience industry’s economic performance and its impact during the COVID-19 pandemic.
These latest findings have highlighted the impact of the COVID pandemic and noted that, while the global workforce contracted, the number of those working in biotech grew by 11 per cent since 2018.
Sectors such as research, testing, medical labs and pharmaceutical manufacturing expanded greatly during the pandemic.
This was mainly due to the high demand for COVID-19 therapeutics and included a marked investment in small and mid-sized biotech companies to assist with the development of vaccines, with 747 novel compounds now in production as a result.
While the growth has been notable, it has not been without complication. The report notes multiple factors that have had to be overcome including global inflation, poor economic growth, supply chain challenges and slow progress in funding and research and development programmes.
Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives, welcomed the report findings.
“This data highlights the vital role US bioscience companies have in creating high-wage jobs and stimulating the economy,” he said.
“The report further shows the industry’s enormous role in navigating the COVID-19 pandemic, both in terms of getting life-saving therapies and vaccines to patients, as well as economic recovery.”