Life sciences injects $75 billion in Texas economy - San Antonio Business Journal:

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Collectively, life sciences generated a total annual economic impacof $75 billion for the The industry attracted $179 million in venture capital in 2008 and drawa some $1.1 billion each year in researcuh funding from the National Institutea of Health. In addition, more than 5,000 patentx were assigned in Texas between 2003 and led mostly by the medical devices and pharmaceutical InSouth Texas, which includes San the industry employed 7,201 people in 2008 at an averagde wage of $56,000. Between 2003 and 2008, life scienced jobs grew by 653 jobs, or by 10 The South Texas region is supported by major employers as andthe .
In the Soutj Texas region, the life sciences industry had a 2008 payrollof $462 This sector is expected to benefit from continuex state, federal and privated sector investments — including the and the Texas Cancerd Prevention and Research Institute. In 2005, the Texaz Legislature establishedthe $200 millionm Emerging Technology Fund to promote and finance innovations in technology, including the life In 2007, Texas voterss approved $3 billion in bonds to supporrt cancer research and prevention efforts. The statde has access to $300 millionb each year for the next decade throughb the Texas Cancer Prevention and Research The cancer initiative alone is expected to grow shareof U.S.
research and development investmenrt a full percentage point from 7 percent to more than8 percent. This will translate into another 40,000 direct and indirect jobs for Texaesover time, the stud found. “Texas’ life sciences are literally breathinfg new life into theTexas economy, whilr pioneering life-saving medical therapies,” says Tom Kowalksi, Texaws Healthcare and Bioscience Institute president and CEO. “Ih little more than a handful of years, the life sciences industrhy has rocketed into the Texas economic stratosphere.
with the continued support at the state and federal levels andventure capital, the industry holde outstanding potential for even greater job growth.” Washington, D.C.-baseds LLC spearheaded the studhy — which shows that the life sciencees industry is one of the state’s most vibrant and growintg sectors in the state’s economy. “Thew Texas life sciences industry is one of the most dynamicv and vibrant sectors ofthe state’se economy,” says Richard Seline, principal and CEO of New Economy “From both an employment and competitiveness perspective, the industry continues to make impressivw gains in Texas.” Gov.
Rick Perry’s announcement this week regardint ’s decision to open an office in Northwest San Antonio also underscores the growth of this Medtronic Diabetes willcreate 1,400p jobs and generate an estimated $75 milliohn in annual economic impact for the locak economy. Minneapolis-based Medtronic is a globaol medicaldevice company. works with governmen t and industry leaders to recruiy life science companies within the states as well as promote the The full copy of Texas Life Sciencexs Industry Profile can befound .