Michigan’s Life Sciences Industry Shows Growth in Latest BIO Report
Tuesday, June 21, 2016
Posted by: Kate Oesterle
Michigan’s life sciences industry recorded growth in most sectors between 2012 and 2014 in both jobs and the number of businesses, according to a report from a national trade group.
Total employment in the industry in Michigan grew 5.7 percent during the two-year period to 44,277. Those jobs pay an average annual salary of $83,482.
In addition to the job growth, the biennial report from the Washington, D.C.-based Bio Industry Organization, or BIO, shows that the number of companies in Michigan involved in life sciences grew 4.1 percent from 2012 to 2014 to 1,833.
The BIO report also noted increases in academic R&D expenditures, venture capital investments, and the number of patents issued to life sciences companies during the period analyzed.
“The numbers were great. It’s nice to see the increases across the board,” said Stephen Rapundalo, CEO of the Ann Arbor-based trade association MichBio. “The data is telling us that our industry continues to be strong and robust, but it is also a call to action to ensure that we don’t regress in any way.”
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VIEW REPORT HERE.