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Bio Med is Big Business in New York! (Courtesy MedTech)

on 10/2/14 4:32 PM By | Kelly Merz | 0 Comments | Latest News
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 Employment Trends 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. Economic Impact 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. Workforce 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.
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