The Illinois Biotechnology Industry Organization (iBIO) commissioned a study to qualify and quantify the tangible business value that biotechnology activities represent in the Midwest and Illinois. The in-depth analysis and research was conducted by Ernst & Young LLP and revealed that the Midwest and Illinois are poised to drive innovation and advancement in the biosciences industry.
- Within the Midwest Super Cluster there are more than 16,800 biotechnology establishments employing more than 377,900 people. By comparison, California has 7,500 biotechnology establishments that employ 230,000 people, and the East Coast cluster employs 253,000 among its approximately 7,100 biotechnology establishments.
- The overall economic output of Illinois' biotechnology industry is more than $98.6 billion with 81,000 direct jobs and more than 3,500 biotechnology companies in the state. In fact, Illinois residents employed by biotechnology companies earn up to 91 percent more than the average Illinois resident. The biotechnology industry in Illinois has demonstrated the strongest revenue growth in recent years among all of the states analyzed in this study, an average annual growth of 13.3 percent.
- During the past decade, the top seven universities in Illinois have steadily increased their research and development expenditures, creating new opportunities for biotech startups. Expenditures have nearly doubled since 2001, growing from $727 million to more than $1.3 billion.
- The ability to secure early-stage funding is spurring innovation and growth among startup biotechnology companies in Illinois. Venture capital funding in Illinois has seen a 209 percent increase between 2009 and 2012.
View the full report, "The Economic Engine of Biotechnology in Illinois."
View the study summary, "Inside the Illinois Biotechnology Economic Engine."
For questions regarding "The Economic Engine of Biotechnology in Illinois" report, contact:
Ernst & Young LLP
Life Sciences Commercial Advisory Services Practice