Released May 19, 2010 | SUGAR LAND
en
Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--The BIO 2010 International Convention, which was held May 2-6 in Chicago, Illinois, may have ended, but its impact will continue long after the last person makes their way home. While impossible to touch on every aspect of the massive show, which had an estimated 15,000 attendees from more than 60 countries, and was packed with industry executives, politicians and scientists, some highlights from the show bear recounting. It was definitely a more upbeat crowd than last year's somewhat gloomy gathering in Atlanta, Georgia.
The biannual BIO-Battelle State Biosciences Initiatives report, which was released at the show, reflected just how important the biotech industry has become to the general public. Looking beyond the stated theme of BIO 2010 to "Heal, Fuel and Feed the World," the industry offers some impressive statistics in today's marketplace. In the United States, the biotech sector directly employs more than 1.4 million people, with another estimated 6.5 million ancillary jobs.
The biggest job gains were found in the research, testing and medical lab sectors, which now employ nearly 560,000 domestic workers. In fact, the drug and pharmaceuticals group showed the only drop, losing 7,445 jobs from 2007 through 2008. As a whole, the U.S. biotech sector offers an average annual wage of $77,595, nearly 72% higher than the $45,229 average for total private sector employment.
The biotech industry managed to grow 1.4% during 2008, the first year of the recession. The number looks even better when considering that there was a 0.7% decline in total private sector employment in the same timeframe. The good news is expected to continue as projections by the U.S. Bureau of Labor Statistics call for the industry to sustain an average growth rate of 1.5% through 2018.
Other news included the selection of Maryland Governor Martin O'Malley as BIO 2010 Governor of the Year. In recognition of his leadership and support of the biosciences industry, Governor O'Malley launched his Maryland BIO 2020 Initiative at the 2008 BIO International Convention in San Diego. The initiative pledges more than $1.3 billion in biotechnology investment over a 10-year period. Highlights of the plan include the establishment of the Maryland Biotechnology Center; growing Maryland's technology incubator network; increasing technology transfer; increasing intellectual property valuation and protection services; and funding increases for numerous biotech-related incentives and programs.
Food and Drug Administration (FDA) Commissioner Margaret Hamburg spoke of the need to strengthen regulatory science to evaluate the safety and efficacy of products. Adding that she wants the FDA to serve as a gateway, not a barrier, for allowing products to get to the market, she went on to urge companies to work with academia and other institutions to ensure that regulatory science advances. Looking back at BIO 2010, it comes to mind that perhaps a more apt theme for the event would have been "Let's Make a Deal." Filling the numerous 15-minute time slots to make a pitch, the expected startups seeking cash were joined by Big Pharma reps, hoping to scoop up new product to offset looming patent expirations. States fought to convince those companies eying sites for future plant and research lab construction to choose them, offering up quality of life alongside hefty cash incentives to make the move. If science is the foundation of the industry, dollars and deals make it happen.
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The biannual BIO-Battelle State Biosciences Initiatives report, which was released at the show, reflected just how important the biotech industry has become to the general public. Looking beyond the stated theme of BIO 2010 to "Heal, Fuel and Feed the World," the industry offers some impressive statistics in today's marketplace. In the United States, the biotech sector directly employs more than 1.4 million people, with another estimated 6.5 million ancillary jobs.
The biggest job gains were found in the research, testing and medical lab sectors, which now employ nearly 560,000 domestic workers. In fact, the drug and pharmaceuticals group showed the only drop, losing 7,445 jobs from 2007 through 2008. As a whole, the U.S. biotech sector offers an average annual wage of $77,595, nearly 72% higher than the $45,229 average for total private sector employment.
The biotech industry managed to grow 1.4% during 2008, the first year of the recession. The number looks even better when considering that there was a 0.7% decline in total private sector employment in the same timeframe. The good news is expected to continue as projections by the U.S. Bureau of Labor Statistics call for the industry to sustain an average growth rate of 1.5% through 2018.
Other news included the selection of Maryland Governor Martin O'Malley as BIO 2010 Governor of the Year. In recognition of his leadership and support of the biosciences industry, Governor O'Malley launched his Maryland BIO 2020 Initiative at the 2008 BIO International Convention in San Diego. The initiative pledges more than $1.3 billion in biotechnology investment over a 10-year period. Highlights of the plan include the establishment of the Maryland Biotechnology Center; growing Maryland's technology incubator network; increasing technology transfer; increasing intellectual property valuation and protection services; and funding increases for numerous biotech-related incentives and programs.
Food and Drug Administration (FDA) Commissioner Margaret Hamburg spoke of the need to strengthen regulatory science to evaluate the safety and efficacy of products. Adding that she wants the FDA to serve as a gateway, not a barrier, for allowing products to get to the market, she went on to urge companies to work with academia and other institutions to ensure that regulatory science advances. Looking back at BIO 2010, it comes to mind that perhaps a more apt theme for the event would have been "Let's Make a Deal." Filling the numerous 15-minute time slots to make a pitch, the expected startups seeking cash were joined by Big Pharma reps, hoping to scoop up new product to offset looming patent expirations. States fought to convince those companies eying sites for future plant and research lab construction to choose them, offering up quality of life alongside hefty cash incentives to make the move. If science is the foundation of the industry, dollars and deals make it happen.
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
