INDUSTRY SNAPSHOT

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2019 Georgia Ecosystem Report

Georgia Bio in partnership with the Georgia Global Health Alliance is releasing a comprehensive state-of-the-industry report and analysis. This report is of great value to anyone involved or interested in Georgia’s bioscience, medtech & digital health industries by identifying our core strengths and assets.

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Emerging Therapeutic Company Investment and Deal-making 2010-2019

ADDITIONAL RESOUCES

BIO 2020 Fact Sheet - Georgia

Georgia’s bioscience industry is a strategic and growing technology component of the overall U.S. economy. American bioscience innovation in health, energy, and agriculture supports state & local communities in a variety of ways ranging from job creation, construction, tax revenues, and other economic impact values. Driven by small-company innovators, this valued industry is also mobilizing in an unprecedented manner to address the global COVID-19 pandemic, and other life-saving and life-enhancing products and services for the U.S. and elsewhere. America’s bioscience industry has never been more important, both for our health and our economic recovery.

The Use of Medicines in the US: Spending and Usage Trends and Outlook for 2025

The U.S. health system demonstrated resilience and flexibility during 2020, recovering toward its pre-pandemic levels of activity and progressing into 2021, even as the backlog of missed or delayed activity remains substantial.  Medicine supply was largely maintained and spending on medicines increased by less than 1% on a net price basis.

Key findings in the report:

  • Net medicine spending increased 0.8% to $359 billion—but real net per capita spending declined to $1,085, which amounts to an increase of just $56 since 2010.
  • Brand list prices increased by 4.4%—but net prices fell by 2.9%. Meanwhile, 2020 was the fourth year in a row that net prices grew at or below the Consumer Price Index (CPI).
  • Only 8% of all patients had annual out-of-pocket medicine costs above $500—and that’s in the midst of a pandemic.
  • But 17% of Medicare beneficiaries had annual cost-sharing above this amount—reflecting the design of the Part D benefit, which is in need of reform. 
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U.S. Food and Agriculture Industries
Economic Impact Study, 2021

America’s food and agriculture sectors feed the economy and fortify the nation. Together, they are responsible for roughly one-fifth of the country’s economic activity, directly supporting nearly 20 million jobs; that equals more than 13% of US employment.

It begins in the rich soil of America’s farms and ranches – more than 2 million of them – spread across the heartland and stretching to the coasts, covering two out of every five American acres.

Meanwhile, millions of food scientists, grocers and truck-drivers work in more than 200,000 food manufacturing, processing, and storage facilities, to keep food fresh and deliver it on time.

The journey may conclude at one of the nation’s many restaurant locations or make its way from retail grocers to American homes where families are grateful for the nation’s bounty.

2020 Report from TEConomy & the Biotechnology Innovation Organization

This ninth biennial TEConomy/BIO report focuses on the economic footprint of the industry geographically including the latest trends in the bioscience industry for the nation, states, and metropolitan areas. Check out state-by-state information on the performance of the bioscience economy.

Biotech Solutions for Climate Report: Examining Biotechnology's Contributions to Addressing the Climate Crisis

New approaches are required at almost every level of the economy. Biotechnology has the potential to be a transformative asset in this struggle, offering vital contributions to near-term greenhouse gas (GHG) reductions and revolutionary tools to avert catastrophic climate change in the longer term. New biotech tools, including gene
editing and synthetic biology, can be transformative climate solutions in key emerging industry sectors. Policies supporting the development and deployment of biotech climate solutions should be part of any government effort to address climate change.

Biotechnology can achieve at least 3 billion tons of CO2 equivalent mitigation annually by 2030, using existing technologies, and emerging biotechnologies could have transformative GHG benefits in a range of industrial sectors. Biotechnology can deliver vital climate solutions in four key areas:

  • Producing sustainable biomass feedstock
  • Empowering sustainable production
  • Developing lower carbon products
  • Enhancing carbon sequestration
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Measuring Diversity in the Biotech Industry: Advancing Equity and Inclusion

In 2020, BIO partnered, for the second consecutive year, with Coqual, an industry-leading think tank devoted to diversity, equity, and inclusion (DEI) in the workplace, to investigate the state of DEI in the biotechnology industry.

This report analyzes the findings from a voluntary survey sent to BIO member companies, fielded in the fall of 2020. Data is included from the 100 companies who responded. To measure year-over-year progress on DEI in the industry, the report also notes, where possible, shifts from BIO’s inaugural 2019 report, “Measuring Diversity in the Biotech Industry: Building an Inclusive Workforce.”

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Georgia Summary: Investment, Innovation and Job Creation in a Growing U.S. Bioscience Industry 2018

Georgia is home to a large bioscience industry that has grown at a rapid pace in recent years. The state’s bioscience firms have grown their employment base by 10.6 percent since 2014 and employed just over 32,000 in 2016. Companies have also expanded their establishment count by 16 percent during this same period and now operate 2,431 across the state. Four of the five major industry subsectors have increased employment during the 2-year period. Georgia’s research universities conducted nearly $1.1 billion in bioscience-related academic R&D in 2016; funded, in part, by a growing base of NIH awards that reached $537 million in FY 2017.

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BIOTECHNOLOGY IN GEORGIA

Assessing Workforce Challenges and Opportunities

Georgia Tech and Georgia Bio worked together with the Georgia Tech School of Public Policy to examine the Georgia Biotechnology Workforce. The results were compiled into a report dated May 2, 2019. The report is divided into 3 basic areas; state comparisons, industry and education perspectives.l. Georgia Bio is fully-funded through memberships, sponsorships, and event registration fees.