Monday, September 15, 2014
BioMed Breakthroughs: Advancing New Yorks' Innovation Economy
In partnership with Battelle’s Technology Partnership Practice and KJT Group, who independently conducted the quantitative and qualitative analysis, MedTech released its inaugural issue of Bio/Med Breakthroughs, which provides a comprehensive snapshot of the industry’s economic impact and growth potential in New York with a primary focus on Upstate New York. This first Bio/Med Industry Report highlights the contribution of academic institutions, industry partners and the service providers that collectively make the environment attractive.
Having entered a new age of economic development – the “innovation economy” – it is the confluence of knowledge, entrepreneurship, innovation, technology and collaboration that fuel economic growth. Bio/Med has been a top performing industry for the U.S. economy for decades. Leveraging breakthrough innovation and technology, the Bio/Med industry plays a vital role in driving New York State’s innovation economy, lifting the state’s economic output by creating high-skilled jobs with average wages 74% greater than that of the private sector.
Even more impressive within this context is Upstate New York’s economic contributions; the region’s more than 28,000 jobs make it large enough that if the region were a state, it would have the 18th largest bioscience industry in the U.S. Furthermore, measured against performance metrics including employment, academic R&D, National Institutes of Health funding and issued patents, New York is among the top 10 states in the size of its bioscience industry and the scale and reach of its bioscience research.
|See http://nybiomedreport.com/assets/Uploads/Bio-Med-Industry-Report.pdf for more information.|