Publication of the tenth TEConomy/BIO biennial report
— Stephen Rapundalo, PhD, President and CEO of MichBio
ANN ARBOR, MI, USA, November 8, 2022 /EINPresswire.com/ — The Biotechnology Innovation Organization (BIO) has published its tenth biennial report “The US Bioscience Industry: Fostering Innovation and Driving America’s Economy Forward” with new employment and economic impact data (through 2021) for the national bioscience industry
The report, produced in partnership with TEConomy, shows that Michigan’s bio-industry sectors, namely pharmaceuticals, medical devices and equipment, agricultural raw materials and industrial biosciences, and research laboratories, testing and medical, increased at a rate above the national average in the total number of establishments. Overall, the total number of life sciences facilities statewide increased 22% to 2,429.
Three Michigan life sciences sectors rank in the top 10 nationally by number of establishments:
• Medical devices and equipment – 5th largest with 454 establishments (compared to 6th in 2018)
• Pharmaceuticals – 9th with 184 establishments (compared to 12th in 2018)
Agricultural raw materials and industrial biosciences – 9th with 50 establishments (compared to 17th in 2018)
“Michigan’s rankings for total bio-industry employment remain in the top tier nationally, and notably, the state has surpassed the nation in creating new organizations in multiple sectors,” says Stephen Rapundalo, PhD, President and CEO of MichBio.
“It talks about two things; First, that Michigan is home to significant life science infrastructure and talent. Michigan has always had a thriving life sciences ecosystem and these trends reflect the impact of the longstanding focus on R&D across the industry and at our world-class research institutes, associated to centers of high concentration of life science expertise and employment, and growing state engagement with life sciences – together creating synergy around life science innovation.
“Second, Michigan life sciences industry professionals, academic researchers and partners, as well as those with transferable skills in other sectors – such as automotive and advanced manufacturing – have shouldered a larger than average burden of the pandemic response effort. The state was a critical manufacturing hub for therapies and medical products needed during the pandemic. Although it is easy to undo growth of establishment counts as strictly expected and therefore commonplace, what these numbers indicate is something we’ve always known about Michiganders – we are a state of unmatched courage and integrity, and significant expertise across all industries manufacturers who, when faced with an impossible problem, rose to the challenge in a way that was anything but mundane.
In addition to establishment growth, total life sciences employment statewide increased 5.6% to 44,340 and ranks Michigan in the top 15 nationally. This in a context where overall employment in the private sector in Michigan has fallen by almost 5%. Significant bioscience job classifications include:
• Medical Devices and Equipment – 10th for sector employment with 11,924 (even with 2018 ranking)
• Pharmaceuticals – 9th for employment in the sector with 9,956 (compared to 10th in 2018)
“While the industry needed to grow to respond to the historic global public health emergency, the bioscience industry continued an existing trend of growth here in Michigan and across this country,” says Dr. Rapundalo, “The Michigan has played a vital role during the pandemic with major vaccine production efforts, Pfizer in particular, but others as well, making it a major vaccine manufacturing hub in the United States. has proven to be of great importance in responding to this and future public health emergencies, as well as an economic shock absorber for the state’s economy when other industries have been forced to plateau or contract. As the industry with the highest rate of reinvestment on dollars earned, the bio-industry is a stabilizing force for the current economy, while helping to grow and diversify Michigan’s future economy.
Several Michigan cities – or Metropolitan Statistical Areas (MSAs) – stand out for their concentration in life sciences with significant concentrations of employment:
• Kalamazoo, an average MSA (those with 75,000 to 250,000 total private sector jobs), has the highest concentration of jobs in medical devices and equipment and pharmaceuticals in the country
• Ann Arbor, an average MSA, ranks 11th in the United States for employment concentration in medical devices and equipment, and 13th in employment in medical research, testing and laboratories
• Niles, a small MSA (those with fewer than 75,000 total private jobs), ranks 5th nationally in concentration of jobs in medical devices and equipment
• Detroit-Warren-Dearborn, a large MSA (those with more than 250,000 total private jobs), ranks 15th nationally in concentration of jobs in bioscience-related distribution
Additionally, Michigan benefits from one of the university’s leading bioscience-related R&D engines. It ranks 9th with $1.62 billion spent in fiscal 2020 (a 5.4% increase from fiscal 2018). This, combined with $956 million in venture capital investments between 2018 and 2021, indicates a thriving ecosystem of life sciences innovation and commercialization.
High-quality jobs generated in Michigan’s bio-industry pay more than $101,000 per year on average (64% higher than the overall private sector wage average in the state), reflecting value-added activities significant and skilled workforce deployed in scientific research and development, manufacturing, sales, distribution and other key roles.
Michigan’s life sciences industry remains a reliable and enduring contributor to the state’s economy, especially during times of economic stress, providing great career opportunities for Michigan’s STEM talent, while pursuing a long history of impacting the health and well-being of citizens. whole world. It is essential that all stakeholders, especially elected officials, economic development organizations and bio-industry leaders, work together towards common goals that will not only support, but ensure the growth and economic impact of the Michigan Life Sciences Cluster.
MichBio is the trade association committed to driving the growth of Michigan’s bioscience industry and its many sectors, including agri-biotechnology, food and nutrition, bio-based technologies and renewable chemicals, biotechnology industrial and environmental, medical devices and technologies, pharmaceuticals and consumer healthcare, diagnostic and research products, testing and research services and clinical research. Visit: www.michbio.org.
BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations in the United States and more than 30 other countries.