BIO issues latest impact report about tech transfer based on AUTM data
According to a new report commissioned by the Biotechnology Innovation Organization (BIO) and based on data compiled by AUTM, U.S. taxpayers received a sizable return on their investment in federally funded research. More specifically, it documents that nonprofit patents and the subsequent licensing to industry bolstered U.S. industry gross output by up to $1.9 trillion, U.S. gross domestic product by up to $1 trillion, and supported up to 6.499 million jobs in the 25 year period between 1996 and 2020.
The findings are detailed in the report titled “The Economic Contribution of University/Nonprofit Inventions in the United States: 1996-2020.” It is based on data gathered by AUTM in its “Annual US Licensing Activity Survey” tshat show a strong demand for public-private partnerships supporting new and improved products, as seen in the significant increase in licenses transferred from nonprofit organizations to industry. Those partnerships have grown from about 12,000 active licenses in 1996 to over 53,000 in 2020, demonstrating a strong and growing industrial appetite for inventions discovered at academic institutions.
First published in 2009 and designed to highlight the economic contributions of nonprofit inventions, the report showcases the impact of moving innovations from the lab to the marketplace, which is known as technology transfer. The latest version can be downloaded here.
