Employment in the American bioscience sector is growing, according to Battelle/BIO's annual State Bioscience Initiatives 2010 report. Overall, publicly traded companies within bioscience created positive net growth through 2009. In 2008, 1.42 million Americans were employed in the bioscience industry, an increase of 19,000 positions from 2007.
"Not every biotech company made it through the storm. Fifty publicly traded companies went bankrupt for lack of access to capital. But there is much good news. Biotech stocks outperformed virtually every other index in the first quarter of this year. The markets have come back but Biotech has come back faster and stronger," said Jim Greenwood, president and CEO of BIO.
While total private sector employment dropped 0.7 percent from 2007-2008, bioscience employment grew by 1.4 percent. Research, testing, and medical laboratories account for more than 176,000 jobs added from 2001-2008, representing nine of 10 new bioscience jobs created during that time.
States are taking advantage of this growth by investing in major bioscience initiatives; focusing on agricultural biotech and bioenergy; and implementing tax programs favorable to bio companies.