Pharmaceutical research and biotechnology companies remain an economic force throughout New York, and a new study shows the industry has strong potential for continued long-term growth.
Rochester Institute of Technology’s Center for Bioscience Education and Technology will host a press conference at 11 a.m. Nov. 13, highlighting findings from the “Economic Impact of the Biopharmaceutical Sector on New York State.” The conference will be held in the lobby of the Center for Bioscience Education and Technology building.
Speakers will include Ed Belkin, vice president of the Pharmaceutical Research and Manufacturing Association of America; Joseph Morelle, New York state assemblyman; Gary Skuse, interim head of the School of Biological and Medical Sciences at RIT; Nathan Tinker, executive director of the New York Biotechnology Association; and Nancy Bergsteinsson, consultant from Archstone Co., which prepared the report.
An analysis of the impact of the biopharmaceutical sector on the economy of New York, using data primarily from 2006, includes the following highlights:
• Total employment: The biopharmaceutical industry directly employs 55,546 people and is responsible for a total of 130,464 jobs;
• Total output: The biopharmaceutical industry generated $29.1 billion in total output, of which $16.0 billion was generated from direct employment. New York state is responsible for 6.8 percent of all direct biopharmaceutical output nationally;
• Tax revenue generated: The industry was responsible for $845.6 million in federal and social security taxes and $121.0 million in state taxes paid due to direct employment;
• Clinical trials: In 2008, New York was second in the nation with 5,053 clinical trial sites in the state; and
• Top regions: The regions that have the best ‘clustering’ effect are Long Island, Rochester and Westchester.
Note: The Center for Bioscience Education and Technology at Rochester Institute of Technology is the Rochester region’s hub for customized workforce training, education and professional-development services in the biosciences. As a complement to RIT’s traditional academic degree programs, the center serves a broad and diverse population of bioscience workers and others whose professions intersect regularly with the bioscience and health-related fields.