A new study from the Biotechnology Industry Organization (BIO) demonstrates how the promise of biotechnology is being realized today. The findings detail the industry's substantial contributions to the U.S. economy.

"Our industry doubled in size between 1993 and 1999,'' BIO President Carl B. Feldbaum said. "Last year, the biotech industry generated nearly half a million U.S. jobs. By comparison, biotech firms directly employed more people than all the companies in the toy and sporting goods industries. Plus, we're in the business of saving lives, prolonging life and improving the quality of life.''

The study found the medical biotech industry in 1999 spent $11 billion on research and development, more than 50 percent of its revenues, which totaled $20 billion for the year. The industry also paid $10 billion in federal, state and local taxes.

BIO's report also identifies jobs and revenues generated in 1999 by biotech firms focused on agriculture. This sector employed 22,000 workers and earned $2.3 billion in revenues.

Feldbaum observed, "Our industry's economic contributions are expected to increase substantially in the next several years because of the rapid pace of technological advancements, particularly in genomics.''

The complete report titled "The Economic Contributions of the Biotechnology Industry to the U.S. Economy'' is available on BIO's Web site. The study was conducted for BIO by Ernst & Young.

BIO represents more than 900 companies, academic institutions and biotech centers in 49 states and 26 nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental products. 

BIO news release
N2797