New BIO Report Highlights Virginia's Bioscience Industry Increases Jobs, NIH Awards and More
Wednesday, August 19, 2020
The Biotechnology Innovation Organization (BIO) released new data on the bioscience industry in the United States in their report, The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities. This report outlines the bioscience industry’s economic footprint across the nation and in Virginia, as well as the significant role played by small- and mid-sized companies. The report further analyzes the industry’s response to the COVID-19 pandemic, and more broadly highlights the importance of the bio-ecosystem in times of pandemic, which requires rapid response and innovation.
The report recognizes Virginia at the national level for steady growth of NIH research funding and specialized employment in the bioscience, agricultural feedstock, and pharmaceutical subsectors. At the Commonwealth level, the bioscience industry outperformed the private sector with increases in wages and establishments. Virginia also experienced steady increases across the board in the bioscience industry as shown below.
● $86,212 average annual wage
● 24,346 employees
● 2,058 establishments
● $854M bioscience-related R&D expenditures
● $506.1M total NIH funding
”The bioscience industry plays a critical role in Virginia of creating jobs, quality wages, and innovative technologies. Virginia Bio is proud to serve as an advocate to our members whose businesses and technologies feed this bio-ecosystem. Members, who are in our own backyards, are working on life-saving technologies and reaching national recognition for their accolades. This bio-ecosystem must be protected to ensure vitality of this industry and to maintain its role as an economic driver in Virginia,” said John Newby, CEO of Virginia Biotechnology Association.
The state-by-state industry assessment is the ninth in a biennial series, developed in partnership by TEConomy and BIO, and studies the state of the U.S. bioscience industry and its associated innovation ecosystem at the national, state, and metropolitan area levels.
The analysis includes a fact sheet for Virginia, which can be found via the interactive map at www.bio.org/jobs.