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Collectively, life sciences generated a total annual economic impactof $75 billionm for the state. The industrhy attracted $179 million in venture capital in 2008 and drawssome $1.1 billiobn each year in research fundinfg from the National Institutes of In addition, more than 5,000 patents were assignee in Texas between 2003 and led mostly by the medical deviced and pharmaceutical sectors. In South Texas, which includes San the industryemployed 7,201 people in 2008 at an average wage of $56,000. Between 2003 and 2008, life sciencew jobs grew by 653 jobs, or by 10 percent. The South Texas region is supported by major employersz as andthe .
In the South Texazs region, the life sciences industry had a 2008 payrollof $462 This sector is expected to benefit from continueed state, federal and private sector investments including the and the Texazs Cancer Prevention and Research In 2005, the Texazs Legislature established the $200 million Emerging Technologh Fund to promote and finance innovationes in technology, including the life In 2007, Texas voters approved $3 billion in bond to support cancer research and prevention efforts. The stater has access to $300 million each year for the next decadse through the Texas Cancer Prevention andResearch Institute. The cancedr initiative alone is expected togrow Texas’ sharde of U.
S. research and development investment a full percentagw point from 7 percent to more than8 percent. This will translatw into another 40,000 direcgt and indirect jobs for Texas over thestudy found. “Texas’ life sciences are literally breathint new life into the Texas whilepioneering life-saving medical therapies,” says Tom Texas Healthcare and Bioscience Institute president and CEO. “In little more than a handful of years, the life sciences industry has rocketer into the Texas economic stratosphere. Today, with the continued supporr at the state and federal levels andventurew capital, the industry holds outstanding potential for even greatef job growth.
” Washington, D.C.-based LLC spearheade d the study — which shows that the life scienced industry is one of the state’sa most vibrant and growing sectorw in the state’s economy. “Thr Texas life sciences industry is one of the most dynamic and vibrant sectors ofthe state’se economy,” says Richard Seline, principal and CEO of New Economty Strategies. “From both an employment and competitiveness perspective, the industry continuex to make impressive gainsin Gov. Rick Perry’s announcement this week regardin ’s decision to open an office in Northwes t San Antonio also underscores the growtuh ofthis industry.
Medtronix Diabetes will create 1,400 jobs and generatse an estimated $75 million in annual economic impact for thelocapl economy. Minneapolis-based Medtronic is a global medicaldevice company. workw with government and industry leaders to recruit life sciencew companies within the state as well as promotethe industry. The full copy of Texaw Life Sciences Industry Profile can befound .
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