SEATTLE, Nov. 6 We Work for Health, an alliance of Washington state business, academic, government and community leaders, today released the results of a first-of-its-kind economic impact study showing that employment in Washington's life sciences sector has passed many of the traditional resource-based industries on which the state's economy was founded, and is in the same range of importance as some of the new, technology-based industries of the state.
Special Report: Washington Life Sciences Economic Impact Study, issued by the Washington Research Council and commissioned by We Work for Health Washington, details the local impact of a rapidly growing part of the world economy. In Washington state, life sciences is directly responsible for 22,349 jobs, indirectly resulting in roughly 55,000 additional jobs for a total of more than 77,000 jobs, according to the study.
Former Snohomish County Executive Bob Drewel presented the report to business, health care and elected leaders at the Washington Biotechnology and Biomedical Association's annual meeting.
"Very few people know just how important the life sciences are to the state's economy," said Drewel, a co-chair for We Work for Health Washington. "The reality is, and it is highlighted by this study, that the life sciences industry represents the future."
The report indicates demand for products and services generated by the life science industry can be expected to continue to grow rapidly in three principal areas: domestic healthcare, global health and sustainable biofuels.
The report also includes insightful breakdowns of investment and employment data by area and details the tendency of the life sciences industry to respond to clustering effects. While organizations representing nearly every aspect of the innovation pipeline are conducting important work in many parts of the state, the largest concentration of firms and institutions is located in Seattle, near the University of Washington.
The We Work for Health coalition, which is funded primarily by the biopharmaceutical industry, supports the growth of the life sciences sector, including biotechnology, biopharmaceutical and biomedical companies that develop innovative treatments to improve and save lives. In addition to improving the health and well-being of patients, the private companies and public institutions of Washington's life sciences sector play a critical role in the economic strength of Washington state.
Through world-renowned research and academic institutions, biopharmaceutical and biotechnology companies and global health organizations, Washington's life sciences industry has formed a unique innovation pipeline that creates high-paying jobs, drives economic activity, saves lives and defines Washington's cutting-edge business culture. Through investment in R&D and philanthropic grants to academic and community organizations, life sciences companies are an important source of innovation in the state.
For more information, please visit http://www.weworkforhealth.org/state/washington. To obtain a copy of Special Report: Washington Life Sciences Economic Impact Study, contact Jenna Kaluza, Nyhus Communications LLC for We Work for Health, (206) 323-3733 or firstname.lastname@example.org.
About We Work For Health
We Work for Health unites organizations, companies, individuals and other stakeholders around a common goal: to educate policymakers, key opinion leaders and the media about the economic impact of the life sciences innovation pipeline in Washington state. We Work for Health seeks to raise awareness of the impact of public policy on innovation in the life sciences, related industries and surrounding communities.
SOURCE We Work for Health