CBSA: New data demonstrates life sciences ecosystem growth, impact on Colorado economy

Monday June 15, 2020 0 comments Tags: Denver, Colorado BioScience Association, Jennifer Jones Paton

DENVER -- Colorado BioScience Association shared newly released employment and federal funding data on life sciences in Colorado, demonstrating the sector’s ecosystem growth and economic impact.

The report shows Colorado’s life sciences community generated 7% job growth in 2016-2018, with average salaries increasing by 38% for the same time period.CBSA_logoUSE 

Numbers for Colorado life sciences include:

  • Direct Employment: 32,089 (2016-2018)
  • Direct and Indirect Employment: 117,560 (2016-2018)
  • Average Annual Salary: $96,450 (2016-2018)
  • NIH Funding: $427,233,325 (2019)
  • Academic R&D Expenditures: $730,614,000 (2018)

The information comes from a new Biotechnology Innovation Association (BIO) report, The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities.

The report analyzes the bioscience industry’s economic footprint across the nation and in Colorado, including the significant role of small- and mid-sized companies.

“The employment, funding, and academic R&D numbers detail our ecosystem’s steady growth in the pre-COVID-19 time period,” said Jennifer Jones Paton, president & CEO of Colorado BioScience Association.

We expect that our community will continue to hire and secure new funding during the pandemic. In the last week, a global CMDO, AGC Biologics, announced plans to create 280 new jobs to support its $100 million investment in a manufacturing facility, and Boulder-based ArcherDX filed for a $100 million initial public offering.

“Additionally, our member companies are achieving FDA approvals, securing new funding, and making executive hires.”

“From capital investments to research & development, this report shows the impact of the biosciences across the nation’s innovation ecosystem,” said Pete Pellerito, BIO senior policy adviser for federal and state economic development and technology transfer initiatives.

“The bioscience industry is critically important to Colorado and we are proud to work closely with partners like CBSA to help ensure the future of the industry and its role as an economic driver in the region.”

The state-by-state industry assessment is the ninth in a biennial series, developed in partnership by TEConomy and BIO, and studies the state of the U.S. bioscience industry and its associated innovation ecosystem at the national, state, and metropolitan area levels.

The analysis includes a fact sheet for Colorado, which can be found via the interactive map at www.bio.org/jobs.