Bio Med is Big Business in New York!
New York: At-A-Glance
- NY is among the top tier of states in the size of its bioscience industry and the scale and reach of its bioscience research, employing nearly 75,000 in the biosciences.
- NY’s academic institutions conducted $3.5 billion in bioscience academic R&D in 2012.
- NY institutions, both academic and non-academic, have received $1.9 billion in funding from the National Institutes of Health in 2013.
- NY inventors were issued nearly 6,400 patents from 2009 through 2013 in bioscience-related technologies.
- Since 2001, NY has grown its bioscience industry employment by 1.1 percent led by strong gains in its largest industry subsector – research, testing and medical labs.
- The most highly concentrated industry subsector in NY is drugs and pharmaceuticals with a concentration that is 8 percent greater than that seen nationally.
- Across NY, bioscience workers earned $5.7 billion in total wages and salaries in 2012 which translates into an average annual wage of $76,112.
- Total compensation impact for NY is $16.8 billion (includes direct, indirect and induced impacts.)
- The economic impacts of NY’s 74,557 bioscience industry jobs are significant in supporting more than 205,000 jobs across all industries statewide and contributing $62.6 billion toward Gross State Product (includes direct, indirect and induced impacts.)
- Downstate NY, including the NYC, Long Island, and Mid-Hudson regions, has nearly 46,000 direct bioscience jobs which, through indirect and induced effects, contribute about 128,000 total jobs across the state economy.
Upstate New York
- Upstate NY bioscience companies employed 28,591 in 2012 across 873 individual business establishments.
- To relate the size of the industry in Upstate NY – the region’s more than 28,000 jobs make it large enough that if the region were a state, it would have the 18th largest bioscience industry in the U.S.
- Upstate NY has a specialized concentration in medical devices and equipment, 26% more concentrated relative to the national average.
- The region is also emerging in research, testing and medical labs with rapid growth and a high concentration of jobs 12 percent above the national average.
- Upstate NY’s bioscience workers earned nearly $2.4 billion in total wages and salaries in 2012 and an average annual wage of nearly $72,000.
- Bioscience wages are $30,000 or 74% greater than the overall private sector.
- The employment multiplier for the biosciences in Upstate NY is 2.7, meaning for each direct bioscience job created, an additional 1.7 are generated throughout the rest of the regional economy.
- Total compensation impact for Upstate NY is $5 Billion (includes direct, indirect and induced impacts.)
- The Upstate NY industry had estimated revenues of $12.9 billion and directly employed 28,591 workers earning an estimated $2.4 billion in personal income in 2012.
- Taken all together (including direct, indirect and induced impacts), in 2012 the Upstate NY bioscience industry contributed $20.2 billion in economic output to the state, supported more than 77,000 jobs with workers earning $5.0 billion in personal income.
- Upstate NY employs 9,390 in primary bioscience-related occupations.
- Like many regions, the largest set of occupations are in lab technologists and technicians.
- Upstate NY’s base of 820 biochemists and biophysicists represents a specialized concentration of talent employed in the region with a 42 percent greater concentration relative to the national average.
- Ophthalmic lab technicians represent a specialized occupation in Upstate NY with a nearly 50 percent greater concentration in the region.
- Both medical device and pharmaceutical manufacturing draw from a regional base of more than 5,000 industrial engineers. These engineers are highly utilized in Upstate NY with a 13 percent greater concentration versus the national average.
- Upstate NY’s leading medical device subsector draws from a regional base of 5,680 mechanical engineers, helping to drive the high and nearly specialized concentration in the region, 11% greater concentration than the national average.
- Quality control and regulatory occupations have a high concentration or specialized concentration of jobs in Upstate NY, a clear signal of bioscience industry demand and a strong advanced manufacturing industry base.
- In medical device manufacturing, CNC machine operators are highly specialized in Upstate NY with 35% greater concentration versus the national average.
- In Upstate NY, the pharmaceutical manufacturing’s high demand for chemical technicians makes this a specialized regional occupation, 35% greater than the national average.
- Relative to production occupations, in pharmaceutical manufacturing, mixing and blending machinists and packaging and filling machinists have a specialized employment concentration in the region, 115% greater than the national average.