Wisconsin Biohealth Industry’s $48 Billion Economic Impact Highlighted at the 2018 BioForward Biohealth Summit
Third-Party Economic Impact Report Published Featuring Wisconsin’s Expansive Growth in the Biohealth Industry
MADISON, Wis.--(BUSINESS WIRE)-- Today BioForward Wisconsin, the member-driven association that serves as the voice of Wisconsin’s biohealth industry, unveiled a new third-party report highlighting the statewide economic impact of Wisconsin’s biohealth industry. Featuring strong job growth, multiplier effect, building expansion impact, and manufacturing supply chain data, the Wisconsin Biohealth Industry 2018 Economic Impact Report showcases the thriving industry including:
- The total economic contribution of the biohealth industry in Wisconsin included $48 billion in economic output and $1.3 billion in total state and local taxes.
- Combining the industry’s direct, indirect and induced labor income contributions, the biohealth industry delivered more than $18 billion to Wisconsin.
- In terms of jobs, the biohealth industry directly employed nearly 107,616 workers in Wisconsin in 2017 and indirectly contributed nearly 142,763 additional jobs to the state economy. Meaning for every one direct biohealth job, 1.33 more indirect jobs were created in Wisconsin.
- Biohealth workers were also well compensated, with the average salary for biohealth positions being $89,026, exceeding the private sector median wage in Wisconsin by more than $34,416.
“This report is a testament to the story we’ve been telling about the tremendous growth and impactful work Wisconsin’s biohealth industry has contributed to our state,” said Lisa Johnson, CEO of BioForward. “With billions in economic impact and over one hundred thousand jobs in the state, the biohealth industry is putting Wisconsin on the map as a hub for excellence in medical research and innovation and attraction of the next generation of highly skilled, technical workforce.”
The Wisconsin Biohealth Industry 2018 Economic Impact Report was conducted by Baker Tilly, LLP and was funded by BioForward and local industry partners including Madison Gas & Electric and Kraemer Brothers Construction. The report featured new data on building expansions within the biohealth industry, highlighting 612 company expansions over the past five years that resulted in $1.7 billion direct economic impact from expansions alone. Outside of biohealth industry expansions, supply chain suppliers that had products and services supporting the global biohealth industry were reported to directly contribute $13.3 billion in economic output with labor income of $2.5 billion and 31,888 employees.
“Baker Tilly’s report shows the immense impact Wisconsin’s biohealth industry has on our state’s economy. It has been an exciting time for the industry, with substantial growth of statewide companies and healthcare organizations demonstrated through considerable job creation and business expansions as well as critical medical advancements occurring from our outstanding research institutions,” said Nicolas Paris, Chairman of the Board of Directors for BioForward and CEO of Gilson.
The report will be featured on a panel at BioForward’s annual Wisconsin Biohealth Summit. The event features keynotes from health care and research leaders, with panel sessions highlighting Wisconsin’s biomanufacturing center of excellence, female leadership within the industry, and the discovery of new markets for biohealth companies. A dedicated panel with local biohealth executives will discuss the results of the report and what it means for the future of their companies. The Summit will also recognize two individuals, Kevin Conroy of Exact Sciences and Dr. Allen W. Cowley of Medical College of Wisconsin, for their significant contributions to Wisconsin’s biohealth industry and human health.
To learn more about BioForward’s annual Summit, visit our website here.
BioForward serves as the independent voice of Wisconsin’s biohealth industry, providing services and resources to support the growth of our industry throughout the U.S. and the world. BioForward is the only Wisconsin organization representing over 200 biohealth member companies including biotech, biopharma, medical device, diagnostics, healthcare systems and digital health, as well as research institutions, and service providers. Learn more about BioForward Wisconsin and their initiatives for 2018 at www.bioforward.org.
Source: BioForward Wisconsin