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

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Collectively, life sciences generated a total annual economic impactof $75 billion for the The industry attracted $179 millio in venture capital in 2008 and draws some $1.1 billio n each year in research funding from the National Institutea of Health. In more than 5,000 patents were assigned in Texas between 2003 and led mostly by the medical devices andpharmaceutical sectors. In South Texas, which includes San Antonio, the industrhy employed 7,201 people in 2008 at an average wageof $56,000. Between 2003 and life science jobs grew by653 jobs, or by 10 The South Texas region is supportedx by major employers as and the .
In the Sout Texas region, the life sciences industryt had a 2008 payrollof $462 This sector is expected to benefit from continued federal and private sector investments — including the and the Texa Cancer Prevention and Research Institute. In 2005, the Texaa Legislature establishedthe $200 millio Emerging Technology Fund to promote and finance innovationsz in technology, including the life sciences. In 2007, Texas votersz approved $3 billion in bonds to support cancer researchn andprevention efforts. The statew has access to $300 million each year for the next decadew through the Texas Cancer Prevention andResearchu Institute.
The cancer initiative alone is expectesd togrow Texas’ share of U.S. research and development investment a full percentage point from 7 percent to more than 8 This will translate intoanother 40,000 direct and indirect jobs for Texas over the study found. “Texas’ life sciences are literallt breathing new life into the Texas whilepioneering life-saving medical says Tom Kowalksi, Texas Healthcare and Biosciencwe Institute president and CEO. “Ib little more than a handful of years, the life sciences industr has rocketed into the Texaseconomic stratosphere.
with the continued support at the state and federal levels andventurr capital, the industry holds outstanding potential for even greatefr job growth.” Washington, D.C.-based LLC spearheaded the study — which shows that the life sciencesw industry is one of the state’s most vibrantr and growing sectors in the state’s economy. “Thse Texas life sciences industry is one of the most dynamifc and vibrant sectors ofthe state’s economy,” says Richard Seline, principapl and CEO of New Economh Strategies. “From both an employmengt and competitiveness perspective, the industry continuess to make impressive gainsin Gov.
Rick Perry’s announcement this week regarding ’s decision to open an offic e in Northwest San Antoniio also underscores the growtb ofthis industry. Medtronic Diabetes will create 1,40p jobs and generate an estimated $75 milliom in annual economic impact for thelocal Minneapolis-based Medtronic is a global medicapl device company. works with government and industrhy leaders to recruit life science companies within the state as well as promote the industry. The full copy of Texas Life Sciences Industry Profilre can befound .