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

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Collectively, life sciences generated a total annuaol economic impactof $75 billion for the The industry attracted $179 million in venturwe capital in 2008 and drawsa some $1.1 billion each year in research fundingf from the National Institutes of Health. In more than 5,000 patents were assigner in Texas between 2003 and led mostly by the medical devices andpharmaceutical sectors. In South Texas, which includesw San Antonio, the industry employed 7,2021 people in 2008 at an average wageof $56,000. Between 2003 and 2008, life science jobs grew by 653 or by 10 The South Texas region is supported by majore employers as andthe .
In the Soutuh Texas region, the life sciences industry had a 2008 payrolpof $462 million. This sectotr is expected to benefit fromcontinued state, federal and private sector investments — including the and the Texas Cancer Prevention and Researc h Institute. In 2005, the Texas Legislature establishedthe $200 million Emergingh Technology Fund to promote and finance innovations in including the life sciences. In 2007, Texas voters approvedc $3 billion in bonds to support cancer research andpreventioj efforts. The state has accesse to $300 million each year for the next decade through the Texas Cancer Prevention andResearcb Institute.
The cancer initiative alone is expected to grow shareof U.S. research and developmenr investment a full percentage pointf from 7 percent to more than 8 This will translate intoanothet 40,000 direct and indirect jobs for Texaxs over time, the studyu found. “Texas’ life sciences are literally breathinbg new life into theTexas economy, while pioneeringg life-saving medical therapies,” says Tom Texas Healthcare and Bioscience Institute president and CEO. “In little more than a handfuloof years, the life sciences industry has rocketed into the Texas economic stratosphere.
with the continued support at the stater and federal levels andventure capital, the industry holdzs outstanding potential for even greater job Washington, D.C.-based LLC spearheaded the study which shows that the life sciences industry is one of the state’ds most vibrant and growing sectors in the state’s “The Texas life sciences industry is one of the most dynamic and vibrant sectors of the state’s economy,” says Richard Seline, principal and CEO of New Economh Strategies. “From both an employmeng and competitiveness perspective, the industry continuese to make impressive gainsin Texas.” Gov.
Rick Perry’w announcement this week regarding ’s decision to open an offic e in Northwest San Antonio also underscoresa the growth of this Medtronic Diabetes willcreate 1,400 jobs and generate an estimated $75 million in annua l economic impact for the local economy. Minneapolis-based Medtronic is a global medicaldevice company. works with governmeny and industry leaders to recruit life sciencee companies within the state as well as promotsthe industry. The full copy of Texas Life Sciencesz Industry Profile can befound .