The Biotechnology Innovation Organization (BIO) released new data on the bioscience industry in the United States. The new report, The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State and Local Communities analyzes the bioscience industry’s economic footprint across the nation and in Montana.
“The report points out that Montana is one of the top states in the country for growth in academic biosciences research and development,” said Sharon Peterson, Executive Director of the Montana BioScience Alliance. “Because of the outstanding work being accomplished at the University of Montana and Montana State University, we’ve seen a 27% increase in academic R&D. Expenditures for R&D in FY2018 totaled more than $124 million.”
In addition, Peterson said, bioscience employs more than 3,200 Montanans in almost 500 establishments around the state. The average annual wage for sector employees is approximately $65,000. Montana received more than $50 million in funding from the National Institutes of Health (NIH) in 2019, along with $80 million in venture capital investment.
“The bioscience industry is critically important to Montana and we are proud to work closely with partners like The Montana BioScience Alliance to help ensure the future of the industry and its role as an economic driver in the region,” said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives.
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 associated innovation at the national, state, and local levels.