The Cross-Border Biotech Blog

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

Tag Archives: Jobs

Biotech Bailout: How Much Does it Cost Government to Attract Biotech Jobs?

Governments want to create jobs.  Not just any jobs, “creativity-oriented jobs” and “knowledge economy jobs.”  But what does it cost government to create one of these jobs?  We don’t really know, but on this blog we’ve been tracking data points all year to try to get some sense of how to invest effectively to attract the workers who will keep our economy competitive into the next century.

This week, a report from Florida’s legislature created what appears to be a new high-water mark: $1.4 million for each new biotech job.  $759 million investment in eight biotech campuses over the last six years, with about equal amounts coming from other levels of government, resulting in a total of 1,100 jobs.  However, as the report points out, not that much time has elapsed.  This also seems like a count of only the most direct jobs, and these have a high leverage ratio, each one supporting 5-7 additional jobs.

One valuable conclusion from the report: creating a cluster takes a multifaceted approach.  The biotech campuses were of limited help because early stage capital was not available.

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Photo of meat grinder from flickr user gpiper under a Creative Commons license.

U.S. Stimulus Stimulates Health Care and Academic Jobs

The NPR Health Blog reports that in the cloud of U.S. unemployment numbers (pdf) there is a high-tech silver lining: the health care and education sectors actually added about 52,000 jobs in August.  It cites examples from a Boston Globe article that highlights stimulus-stimulated activity in Massachusetts research labs.

Also note this piece at GenomeWeb, which quotes Leerink Swann analyst Isaac Ro, who includes “stimulus funding” as one of the “theme[s]” justifying a higher target and rating for Millipore (NYSE: MIL).

Check out the birds’ eye view of NIH ARRA grants and zoom and click to get all the details for your favo(u)rite institution.

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New Life Sciences Industry Data

New data from Delaware and Arizona last week:

Some highlights from a study by Edward Ratledge and Simon Condliffe of the University of Delaware’s Center for Applied Demography and Survey Research:

  • The biopharmaceuticals industry contributed $4 billion to Delaware’s economic output in 2008.
  • 247 biopharmaceutical firms employing 12,000 people, paying $1.6 billion in wages,
  • average salary of $132,000, which grew at a pace of 22.8% over the past five years, almost 8% faster than the wages of Delaware’s other industries
  • An additional 16,000 people are employed in support industries.
  • The industry is expected to add more than 120,000 jobs nationwide between now and 2016.

In Arizona, a similar study by Battelle Technology Partnership Practice had the following stats:

  • The state of Arizona and private philanthropists have pledged more than $1 billion to grow Arizona’s bioscience economy.
  • Excluding biotech jobs at hospitals and university labs, the industry employed 13,543 workers who earned $777.8 million [= average salary of $57,432] and contributed $177.8 million in state and local taxes.

For more stats on life sciences money and jobs, see our Bailout Page.

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Money = Jobs

As various constituencies make their arguments for bailout funding, the supporting materials have a common, unsurprising, theme: Money = Jobs.  How many jobs?  A collection of the data we’ve found after the jump:

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