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State Bioscience Industry Charts Progress
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Business New Haven
4/29/2002
By: Lisa Micali
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Connecticut United for Research Excellence Inc. (CURE) last month released its seventh annual economic report measuring the progress of the state's bioscience industry.
Investment in biotech firms by public and private capital last year, despite a slowing market and a difficult financial environment, topped nearly $557 million. Connecticut-based bioscience research and development (R&D) investment in 2001 totaled $3.6 billion, an 18-percent increase over 2000.
“Economic indicators demonstrate the tremendous growth of the biosciences in Connecticut,” asserts Peter Mueller, co-chair of CURE and senior vice president for research and development at Boehringer-Ingelheim Pharmaceuticals in Danbury. “The data further demonstrates the importance of industry and state collaboration, and shows the success story of bioscience here.”
Adds William G. Rice, co-chair of CURE and president and CEO of Achillion Pharmaceuticals in New Haven: “The results are very positive. Each year the [industry] adds an impressive number of direct and indirect jobs toward the state's economy. A dramatic increase in employment underscores the importance of building new lab space to accommodate the sector's growth.”
Report Highlights:
• Connecticut's total R&D investments increased 139 percent to $3.6 billion between 1995 and 2001, the period during which data have been available. The most significant growth, 437 percent to $277 million, was noted in the biotechnology sector.
• Companies reporting from the biotechnology sector raised nearly $557 million in private and public capital last year despite a difficult financial environment nationally.
• Connecticut-based pharmaceutical R&D companies now account for more than 12 percent of all R&D dollars spent by the nation's pharmaceutical companies.
• Total bioscience employment in 2001 increased three percent to nearly 16,500 workers, creating an additional 471 jobs over the previous year. The average R&D annual salary for bioscience employees remained flat at approximately $63,000.
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