Life sciences industry accounts for large part of Utah's economy
More than 1,000 Utah life sciences companies provide 34,352 jobs and have an annual combined payroll in excess of $2.7 billion, according to a new report from Bio Utah, the nonprofit trade association serving the industry. The organization released its 2018 Life Sciences late last month at the Life Sciences Day at the Utah State Capitol.
The report contained data compiled for the Utah Life Sciences Economic Contribution Study conducted by the Kem C. Gardner Policy Institute at the University of Utah.
“The state of Utah has a rich history of innovation and creativity from our life sciences entrepreneurs,” said Kelly Slone, president and CEO of BioUtah. “Our scientists and business leaders are doing amazing things to grow our economy, including employing tens of thousands of skilled workers in high-demand and high-paying jobs. This study highlights their incredible accomplishments and shows the amazing potential for growth within this industry.”
Other highlights of the report include:
• Utah life sciences companies achieved $7.4 billion in total sales in 2016, creating $4.1 billion in GDP.
• The life sciences industry employed 1.8 percent of the state’s workers and was responsible for 2.6 percent of Utah’s total GDP.
“Utah’s life sciences industry is one of our most high-tech, high-paying industries. It opens doors to global markets and makes a significant impact on our economy,” said Val Hale, executive director of the Governor’s Office of Economic Development (GOED). “As one of the state’s strategic industry clusters, life science fuels economic diversity and helps us maintain a healthy economy for generations to come.”
“Our research team had the opportunity to do a granular analysis of the life sciences sector that has been thriving in Utah for many years,” said Juliette Tennert, director of economic and public policy research at the Kem C. Gardner Policy Institute. “Looking ahead, life sciences companies of all sizes are in a strong position, given the industry’s maturity and growth, global technology trends, and the dynamism of Utah’s economy.”
BioUtah was launched in 2012 to serve Utah’s medical device, biotech/pharma, diagnostics and healthcare industries through networking, advocacy and education programs.