iBIO and Ernst & Young release report that
reveals Midwest as the most vibrant Bioscience hub in the United States. Illinois has the largest
number of biotechnology companies, and leads the way in employment, corporate
profitability, employee wages and growth in Midwest.
Full press release follows.
SOURCE: iBIO, www.ibio.org
2013 BIO International Convention
CHICAGO--(BUSINESS WIRE)—April
22,2013—iBIO President and CEO David Miller today announced that a new
independent study has ranked the Midwest at the top of the nation’s
biotechnology industry, and Illinois is at the core of the most vibrant
bioscience hub in the United States. The announcement was made to the world
biotechnology community at the BIO International Convention in Chicago and
cites ''The Economic Engine of Biotechnology in Illinois,'' a new report from
iBIO and the Illinois Science and Technology Coalition, conducted by Ernst &
Young LLP.
“This comprehensive report by Ernst & Young quantifies the
size and scope of our Illinois biotech sectors and their profound impact on job
and tax contributions here,” said David Miller. “The report shows not only that
Illinois is a remarkably diversified biotech powerhouse, but also that our
state is at the heart of a Midwest region that easily holds its own with either
coast.”
The report demonstrates that Illinois stands out as a
significant player in the biotechnology industry in three ways. First, Illinois
is at the core of the most vibrant bioscience cluster in the United States;
second, biotechnology is a critical component and driver of the state’s
economy; and third, the State of Illinois is committed to fueling this growth
and advancing the biotechnology industry.
The Midwest Super Cluster, which includes Illinois and the
surrounding eight-state region, surpasses California and the East Coast in
biotechnology-related employment, number of establishments and research and
development expenditures according to “The Economic Engine of Biotechnology in
Illinois.”
The report offers four key findings:
•
Within the Midwest Super Cluster there are more than 16,800
biotechnology establishments employing more than 377,900 people. By comparison,
California has 7,500 biotechnology establishments that employ 230,000 people,
and the East Coast cluster employs 253,000 among its approximately 7,100
biotechnology establishments.
•
The overall economic output of Illinois' biotechnology industry
is more than $98.6 billion with 81,000 direct jobs and more than 3,500
biotechnology companies in the state. In fact, Illinois residents employed by
biotechnology companies earn up to 91 percent more than the average Illinois
resident. The biotechnology industry in Illinois has demonstrated the strongest
revenue growth in recent years among all of the states analyzed in this study,
an average annual growth of 13.3 percent.
•
During the past decade, the top seven universities in Illinois
have steadily increased their research and development expenditures, creating
new opportunities for biotech startups. Expenditures have nearly doubled since
2001, growing from $727 million to more than $1.3 billion.
•
The ability to secure early-stage funding is spurring innovation
and growth among startup biotechnology companies in Illinois. Venture capital
funding in Illinois has seen a 209 percent increase between 2009 and 2012.
“Ernst & Young is committed to helping the Midwest become
one of the top biotechnology communities in the world,” said Ernst &
Young’s Midwest Health Sciences Leader Jo Ellen Helmer. “To succeed, our region
must continue to invest in the industry and increase collaboration and
partnerships, as well as facilitate ongoing research, recruit the talent needed
to ensure growth and emphasize the ease and ability to secure early-stage
funding.”
Ernst & Young LLP conducted direct interviews with senior
industry leaders throughout the Midwest region to create the report. Data was
also gathered from reports by Battelle Memorial, information from the Bureau of
Labor Statistics, the National Science Foundation, various university
technology transfer offices, biotechnology organizations, publicly available
data sources and reports, as well as proprietary databases. The nine-state
Midwest Super Cluster includes Illinois, Indiana, Iowa, Kansas, Michigan,
Minnesota, Missouri, Ohio and Wisconsin. Dan Shoenholz, a Principal in Ernst
& Young’s Life Sciences Commercial Advisory Services Practice, led the
study.
The full report may be viewed at www.ibio.org/illinoisbiotechreport.
About iBIO
iBIO, which commissioned the study, aims to make Illinois and
the surrounding Midwest one of the world’s top life sciences centers, a great
place to do business and a great place to grow new technology ventures. iBIO
advocates for sound public policy at the local, state and federal levels,
improves our region’s ability to create, attract and retain businesses, and
orchestrates industry involvement to help restore America’s leadership in math
and science education.
Contacts
iBIO
AJ
Pace, 312-422-4979
ajpace@ibio.org
or
for
Ernst & Young LLP
Kelley Yoder, 312-447-2575
kelley@reputationpartners.com
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