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North Carolina's Biotechnology Investment Tops Billion-Dollar Mark; Battelle Study Quantifies Economic Dividends and Jobs
Date:11/20/2008

alysis finds that North Carolina is extremely well-positioned to experience substantial further growth and development from biotechnology."

Concurrent with the Battelle report, Biotechnology Center personnel and colleagues at partner institutions and organizations established that in just the past decade, North Carolina has committed more than $1.2 billion to bioscience funding via:

  • $857 million in research and facilities;
  • $135 million toward workforce training;
  • $115 million to the North Carolina Biotechnology Center; and
  • $102 million in direct company incentives.

These investments support an industry that, as measured by the Battelle study, directly contributes $28.7 billion annually to the state's economy and creates 53,200 jobs. The total impact climbs to $45.8 billion and 180,007 jobs when all spending by those companies and their employees, termed indirect and induced impacts, are counted.

The Battelle analysis lauded the North Carolina Biotechnology Center, saying it "has clearly generated a comprehensive and well thought-out series of programs and initiatives that support every link in this development chain."

Tripp said the Battelle study found that companies that receive financial assistance from the Biotechnology Center return $26.8 million a year in state taxes alone. These companies have attracted $99 in additional external funding for every dollar loaned to them by the Center.

Faculty recruitment grants from the Biotechnology Center have drawn 52 high-profile bioscience faculty to the state's universities. Those researchers have brought in $363 million in external funds from sources such as the National Institutes of Health -- a 37-to-one leverage.

The Biotechnology Center is a private, non-profit corporation supported b
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SOURCE North Carolina Biotechnology Center
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