The Biotechnology Innovation Organization (BIO) released a new report, “The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities,” that analyzes the bioscience industry’s economic footprint, the significant role of small- and mid-sized companies, and the industry’s response to the COVID-19 pandemic.
As noted in a recent edition of the weekly newsletter from Life Science Tennessee, the state-by-state industry assessment is the ninth in a biennial series, developed in partnership by TEConomy and BIO.
In Tennessee, the bioscience industry has grown its employment base by nearly seven percent since 2016, and four of the five industry subsectors in the state have increased employment. Importantly, the overall rate of growth for life science companies is double that of private industry in Tennessee.
The Volunteer State also has a specialized employment concentration in bioscience-related distribution, 38 percent more concentrated than the national average.
The full report is available here.