This report confirms that Maryland’s life sciences industry continues to be one of our strongest economic drivers, creating high-paying jobs during a period that included the economic downturn, but also helping to feed, fuel and heal our planet with life-s
Washington, DC (PRWEB) June 28, 2011
During a breakfast with the State’s life sciences leaders, Governor O’Malley today kicked-off the BIO 2011 International Convention in Washington, D.C. by releasing a jobs analysis and economic impact report on Maryland’s life sciences industry. The report,Maryland Life Sciences: Jobs Analysis and Economic Impact Report, shows that life sciences was one of the State’s strongest and most stable industries, accounting for 6.5 percent of the State’s Gross Domestic Product and generating one-third of all job gains between 2002 and 2010. The report found that Maryland has more than 1,700 life sciences establishments in the private sector - the 5th highest concentration in the nation. In total, the sector supported 71,600 jobs at federal agencies, higher education institutions and the private sector. Workers in the life sciences industry earned, on average, more than $91,000 - 76 percent more than the average Maryland wage earner.
“Maryland’s life sciences industry continues to be one of our strongest economic drivers, creating high-paying jobs even in tough times and helping to feed, fuel and heal our planet with life-saving discoveries,” said Governor Martin O’Malley. “These findings confirm that our State excels at innovation, research and discovery. Together, we can unlock our future potential, while offering moral leadership in an increasingly connected world.”
Research and development drove both job and wage growth between 2002 and 2010 with research testing and medical labs amounting to 74 percent of all life science jobs in Maryland. Within the private sector, research testing and medical labs jobs grew at more than twice the rate of the rest of the sector combined and added more than five times as many jobs. Drugs and pharmaceuticals represent 20 percent of all state life science jobs.
“This new report provides clear evidence of the impact that biotechnology and life sciences have on job generation and economic growth in Maryland,” said H. Thomas Watkins, President and CEO of Human Genome Sciences and Chair of the Maryland Life Sciences Advisory Board. “Governor O’Malley’s vision for the economy of Maryland and his strong commitment to the biotechnology and life sciences sector has facilitated our growth and progress.”
“MedImmune is honored to be a part of the thriving life sciences community in Maryland, and we are appreciative of the State’s firm commitment to insuring a favorable business environment for the bioscience sector,” said Peter Greenleaf, president of MedImmune. “It is rewarding to be a catalyst for job creation that contributes significantly to the Maryland economy. More importantly, MedImmune’s success in Maryland and our expanding global footprint translates to innovative therapeutic advancements that help patients.”
“Not only is scientific research becoming an increasingly vital economic driver in Maryland but additionally, our state is becoming internationally recognized for disease research and therapies,” said Dr. Claire Fraser-Liggett, Director of the Institute for Genome Sciences. “Our research is improving the quality of life locally and globally and Maryland’s commitment to biotechnology is attracting new scientific talent to our state, which will catalyze future economic growth.”
Governor O’Malley has spearheaded a number of strategic investments in Maryland’s bioscience industry. In 2007, he created the Maryland Life Sciences Advisory Board, which was tasked with developing a comprehensive, long-term plan to maximize Maryland’s unique research and development assets, and grow Maryland’s life sciences industry. As a result of the Board’s work, the Governor in 2009 launched BioMaryland 2020, 10-year, $1.3 billion strategy for moving Maryland’s bioscience industry forward. Over the past three years, roughly $164 million has been spent, or approved for spending, on BioMaryland initiatives, not including more than $100 million in science and technology related infrastructure at the State’s universities and community colleges.
One of the first key deliverables of BioMaryland 2020 was the launch in September 2009 of the Maryland Biotechnology Center. Part of the Maryland Department of Business and Economic Development, the Center is charged with coordinating and consolidating a host of State, university and private sector bio initiatives and resources to make it easier for bio companies to access. The Center provides information and guidance on business strategy and development, access to capital, technology transfer and commercialization, grants, workforce development and training and federal resources.
In May, Governor O’Malley signed into law InvestMaryland – HB173 – a historic initiative which will infuse a minimum of $70 million into promising start-up and early stage companies in Maryland, creating the largest single shot of venture capital investment in the State’s history. The program, which will be rolled out over the next year and administered by the Maryland Department of Business and Economic Development (DBED), was proposed by Governor O’Malley nearly a year ago and received widespread support from the business community, academicians and industry experts during the legislative session. Among its benefits, the program has the potential to create thousands of jobs in Innovation Economy sectors – life sciences and biotechnology, cyber security/IT and clean/green tech and attract billions of follow on capital, all with no immediate cost to taxpayers. In addition, the Governor pushed this legislative session for $8 million in FY 2012 for the state’s highly successful Biotechnology Investor Tax Credit, which has enabled dozens of Maryland biotechnology companies raise more than $64 million from investors.
The Governor has a robust schedule at the BIO Convention today, including opening the Convention with BIO leaders, hosting a “Women in Bio” panel featuring five of Maryland’s leading women in the life sciences, delivering welcoming remarks at the plenary luncheon with former Prime Minister Tony Blair, and touring the Maryland Bio Pavilion.
Karen Glenn Hood