Bioscience Economic Development
The bioscience industry is one of the most innovative and important economic drivers in the United States, accounting for over 1.6 million jobs and an additional 5 million jobs in the U.S. due to the economic multiplier effect. Bioscience jobs require a highly skilled workforce and therefore result in jobs paying on average 79 percent more than the average worker in the United States’ private sector. The highly skilled nature and demand for bioscience jobs supports a wage growth that well outpaces that of the private sector, increasing by 13.1 percent in real terms since 2001, compared with just 4.4 percent pay raises among all other industries.
Currently, the United States leads the world in terms of innovation and growth in the bioscience industry. Global competition within the industry, however, has been rapidly increasing. State sponsored programs to encourage investment and assist bioscience companies in leveraging existing resources are vital to the growth of this innovative industry in the U.S.
The Biotechnology Industry Organization (BIO), in partnership with the Council of State Bioscience Associations (CSBA), has developed this updated digest of noteworthy public policy strategies and programs to assist policy leaders and their bioscience industry partners in identifying new and innovative measures to create, nurture, and retain the bioscience industry.