The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Money = Jobs

As various constituencies make their arguments for bailout funding, the supporting materials have a common, unsurprising, theme: Money = Jobs.  How many jobs? 

  • BIOTECanada cites the Journal of Industrial Biotechnology to put Canada’s “Bio economy” at $78.3 billion, or 6.4% of Canada’s GDP, employing over a million people.
  • A recent CVCA report(pdf) claims over 5,000 direct jobs in venture-backed Biotechnology companies, and venture-backed companies in all industries account for approximately 1% of Canada’s GDP (approx. $12 billion) and 150,000 direct jobs on investments in 2008 of a bit under $1.5 billion.
  • BioOhio just published its 2007-2008 report(pdf), which attributes a direct and indirect economic impact from the “bioscience industry” at $148.2 billion, or 14.7% of Ohio’s total economic output.  The direct numbers for Pharmaceuticals and Therapeutics, Medical Device and R&D are $7.1 billion and about 27,000 jobs.
  • BayBio also published a recent report(pdf), which reports approximately 260,000 Life Science employees in the State.

Have you seen other data?  Let us know…

Update: In the Senate version of the stimulus bill, Senator Specter cites 70,000 additional jobs that would be created by $6.5 billion in additional spending.

Update 2:  In  BIOTECanada’s Parliamentary Quarterly (pdf), they include data showing 52,500 jobs in 556 “core” biotechnology companies in Canada, spending over CAD$1 billion in R&D annually:

Biotech Jobs

Biotech Jobs

Update 3:

An article in the New Hampshire Union Leader cites BIO data showing that biotech companies in the state captured $192 million in venture capital between 2002 and 2007, including $71.4 million in 2007, while the number of private-sector jobs grew by 14.7 percent in that time, rising to 3,321 jobs.

Update 4:

In this post about incentives for biotech relocation, Wisconsin advanced $1 million in a 5-year loan to attract 150 jobs.  Figure an opportunity cost of 5% on the $1 million, and that’s only around $1,800 per job — a pretty good deal for Wisconsin by the above standards.

Update 5:

A UK bioscience park invests £37.6 million for a planned 3,000 jobs (not even counting the infrastructure jobs to build the thing).  That’s about $12,500 per job.

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5 responses to “Money = Jobs

  1. Bloke Redman January 24, 2009 at 9:45 am

    Haven’t seen anything so far. Keep us posted!

  2. Pingback: Biotech Bailout: Texas Edition « The Cross-Border Biotech Blog

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