New economic impact study conducted by Kem C. Gardner Policy Institute showcases Utah’s robust and growing Life Sciences industry
SALT LAKE CITY, Nov. 08, 2023 (GLOBE NEWSWIRE) -- BioHive, Utah’s non-profit, community-impact driven life science organization, and BioUtah, Utah’s life science trade association, jointly released today Utah’s Life Sciences and Healthcare Innovation (life sciences) economic impact report detailing more than $500 million in net positive fiscal impacts to the state. The report is a comprehensive statewide and national industry analysis conducted by the Kem C. Gardner Policy Institute, which finds that Utah has one of the fastest growing industries in the nation.
“With many high growth Life Sciences companies in Utah, the report findings are no surprise,” observed BioUtah CEO, Kelvyn Cullimore. “Industry, academia, government, and health care delivery are collaborating to build a significant life sciences hub in Utah. Having the third highest density of life sciences jobs in the nation emphasizes the importance of the industry to the Utah economy – especially given that wages paid are almost 50 percent higher than the state average.”
The Life Sciences and Health Innovation industry generates significant employment, earnings and gross domestic impacts statewide in offering of high wages and strong job growth. Sectors includes research, testing and medical laboratories; medical devices and diagnostics, biosciences-related distribution, biotech, therapeutics and pharmaceuticals.
“The report highlights the commitment of those that work in Utah’s Life Sciences industry and their passion for better patient outcomes,” said Aimee Edwards Executive Director of BioHive. “Through innovation and collaboration, the life science industry creates significant impact across the state, expands our role in global health care, and provides meaningful advances for patients.”
Key Insights include:
182,383 indirect and direct life sciences jobs in 2022.
48% higher wages for life science workers ($96,000) companies to other industries ($65,000)
$8 billion GDP created by Utah life sciences companies
$21.6 billion in total statewide economic impact in GDP
$14.6 billion in earnings from direct, indirect and induced economic impacts
5.1% per year average job growth increase in Utah’s life sciences Industry during the last 10 years. (Average is 3.5% in other states)
Utah’s ranks third over the last decade among top 20 states with the largest life sciences employment growth.
$279.2 million in statewide funding for university innovation and commercialization in 2022, specifically for R1 institutions.
BioHive is a thriving collective of more than 1,300 companies representing the life science and healthcare innovation ecosystem of Utah’s economy. Established in 2021, BioHive is a public-private partnership created to brand, build and bring together Utah’s life science and healthcare innovation ecosystem. BioHive seeks to connect, unite and support the industry and broader ecosystem with a focus on serving our community. BioHive includes researchers, developers, and manufacturers of therapeutics, devices, and diagnostics, as well as laboratory facilities, healthcare delivery systems, digital health, health IT, and supply-chain businesses that support these industries. BioHive is leading the way with crucial innovations that boost our state’s economy and help patients around the globe.
BioUtah is an independent 501(c)(6) trade association serving Utah’s life sciences industry. Its member companies reflect a broad spectrum of the industry with strengths in medical device manufacturing and services, research and testing, biotechnology, biopharmaceuticals, and diagnostics amongst others; and are a key driver of Utah’s economy and advancing healthcare.
About the Kem C. Gardner Policy Institute
The Kem C. Gardner Policy Institute serves Utah by preparing economic, demographic, and public policy research that helps the state prosper. They are Utah’s demographic experts, leaders on the Utah economy, and specialists on public policy and survey research. They are an honest broker of INFORMED RESEARCH, which guides INFORMED DISCUSSIONS, and leads to INFORMED DECISIONS™.