RESEARCH TRIANGLE PARK, NC – The state of North Carolina invested $1.2 billion in the biotech industry over the last ten years, fostering job growth in the industry beyond what competing states have done, says a new report by Battelle Memorial Institute’s Technology Partnership Practice.
The report says NC’s biotech, pharma, and medical device industries now employ 53,0200 people at an average wage of $69,275, almost double the state average.
Another 180,007 jobs are connected to the NC biotech industry, the report says.
The report says NC generated the most job growth “by far” among ten competing states with large biotech sectors.
Norris Tolson, president and CEO of the Biotechnology Center, and leaders from the government, education and academic institutions that made those investments spoke at a news conference Thursday about the significance of the investment in building a foundation for future growth.
“Smart, steady investment in biotechnology has created a major economic engine in North Carolina,” said Tolson.
“This technology will help us meet the major global needs of the future – health care, energy and food. But it also brings tangible benefits to North Carolinians in the form of jobs, and the potential is there for many more.”
Battelle’s Simon Tripp, who led the study, discussed quantitative and qualitative data on the benefits derived from North Carolina’s unique 24-year history in bioscience investment. The 133-page report included research data as well as survey information from biotech stakeholders and CEOs of affiliated companies around the state.
“In the 21st century, which many have termed the Biocentury, biotechnology is expected to be a key engine of economic growth in the United States,” said the executive summary of the study, Evidence and Opportunity – Biotechnology Impacts in North Carolina.
“Battelle’s analysis finds that North Carolina is extremely well-positioned to experience substantial further growth and development from biotechnology.”
Battelle report noted the following investments:
–$857 million into research.
–$135 million into workforce training, including the NC Community College BioNetwork, BTEC and BRITE training facilities at NC State University and NC Central University.
–$115 million through the NC Biotech Center, which helped create 3,734 jobs through loans and grants.
–$102 million in direct company incentives, such as $95 million in Job Development Investment Grants.
On the Web: www.ncbiotech.org/
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