Categories: Economic News

The biotech sector is thriving, generating an economic impact of nearly $3 trillion

Job growth is up 11% since 2018, according to new data from the Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA).

WASHINGTON, October 28, 2022 /PRNewswire/ — The Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA) today released new data on the bioscience industry in the united states.

The new report, The US Bioscience Industry: Fostering Innovation and Driving the US Economy Forward, examines the economic performance of the bioscience industry and its footprint on the nation and individual states during the COVID-19 pandemic.

Some key points:

  • The nation’s bioscience industry employed 2.1 million employees in more than 127,000 U.S. business establishments in 2021.
  • As the global economy lost 1.5% of its job base, the biosciences industry increased employment by 11% from 2018.
  • In total, the economic impact of the bioscience industry on the US economy amounted to 2.9 trillion dollars in 2021, as measured by global production.
  • Biotech companies, especially small and medium-sized ones, made a monumental effort to develop vaccines and therapeutics against COVID-19; there are 747 new compounds currently in development.

“This data highlights the vital role that US bioscience companies play in creating jobs and stimulating the economy. The report further shows the industry’s tremendous role in navigating the COVID-19 pandemic, both in terms of getting life-saving therapies and vaccines to patients, as well as economic recovery,” he said Pete PelleritoBIO Senior Policy Advisor for Federal and State Economic Development and Technology Transfer Initiatives.

“Even during the pandemic, bioscience employment grew as other industry sectors faltered. Looking ahead, the industry will continue to play a critical role, not only in addressing global health challenges, but in help grow the US economy by generating high-quality jobs.” said Ryan Helwigprincipal and project manager with TEConomy Partners.

The state-by-state industry assessment is the tenth in a biennial series, developed in collaboration by ECONOMY Partners and BIOand studies the state of the US 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 i Puerto Ricowhich can be found alongside the full report and interactive map at

About the BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations worldwide. the united states and in more than 30 other countries. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Conventionthe world’s largest gathering of the biotechnology industry, along with meetings of leading investors and industry partners held around the world. Good morning BIO is the only daily newsletter at the intersection of biotech, policy and politics. Subscribe here.

About TEConomy

TEConomy Partners, LLC is a global leader in research, analysis and strategy for innovation-driven economic development. Today we help nations, states, regions, universities and industries design their future and translate knowledge into prosperity. TEConomy Partners principals include authors of previous Battelle/BIO State Bioscience Development reports, published since 2004. For more information, visit

1201 New York Avenue, NW l Ste. 1300 liters washington dc l 20005 l 202-962-9200
Web: Blog: Twitter: @IAmBiotech

Contact: Jacy Gomez

SOURCE Biotechnological Innovation Organization (BIO)


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