{"id":50468,"date":"2022-11-03T20:02:26","date_gmt":"2022-11-03T19:02:26","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/new-report-shows-life-sciences-as-a-major-economic-and-innovation-engine-for-georgia\/"},"modified":"2022-11-03T20:02:26","modified_gmt":"2022-11-03T19:02:26","slug":"new-report-shows-life-sciences-as-a-major-economic-and-innovation-engine-for-georgia","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/new-report-shows-life-sciences-as-a-major-economic-and-innovation-engine-for-georgia\/","title":{"rendered":"New Report Shows Life Sciences as a Major Economic and Innovation Engine for Georgia"},"content":{"rendered":"<div>\n<p>ATLANTA&#8211;(BUSINESS WIRE)&#8211;According to a new industry report released by the Center for Global Health Innovation (The Center) and TEConomy Partners, a global leader in research and analysis, Georgia\u2019s life sciences industry has experienced strong and steady employment growth in recent years, outpacing even the rapidly growing national industry in its private sector industrial components and exceeding 78,000 total jobs in 2021.\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20221103006242\/en\/1625347\/5\/CGHI_Logo-2_RGB-B_300dpi.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20221103006242\/en\/1625347\/21\/CGHI_Logo-2_RGB-B_300dpi.jpg\"><\/a><\/p>\n<p>\nThe report, which examines the growth and trends in our sector over the last five years, shows that since 2015, life sciences\u2019 employment growth has surpassed Georgia\u2019s overall private sector growth by more than two times, reinforcing the industry\u2019s role as an important targeted cluster for state economic development, and its critical role as an economic and innovation engine for Georgia.\n<\/p>\n<p>\nKey findings from the industry economic and impact analyses include the following:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe life sciences are a major economic and innovation engine for Georgia.<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nSince 2015, life sciences\u2019 employment growth has outpaced Georgia\u2019s overall private sector growth by more than two times (20% job growth for life sciences industry vs. 9% for Georgia\u2019s private sector), reinforcing the industry\u2019s role as an important targeted cluster for state economic development, and its critical role as an economic and innovation engine for Georgia.\n<\/li>\n<li>\nGrowth has been especially strong in the \u201cindustrial\u201d life sciences segment which has increased employment by 29% since 2015 and outpaced the nation (23%).\n<\/li>\n<li>\nLife sciences workers earn nearly $93,000 annually on average, or nearly $30,000 more than the private sector average for Georgia.\n<\/li>\n<\/ul>\n<\/li>\n<li>\nThe industry\u2019s large footprint \u2013 78,000 direct jobs across 4,000 establishments \u2013 plus its strong growth and its high wage premium all translate into major impacts for Georgia\u2019s economy, generating:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nNearly 215,000 total jobs across the state economy\n<\/li>\n<li>\n$50 billion in total economic impact\n<\/li>\n<\/ul>\n<\/li>\n<li>\nThe innovation ecosystem for life sciences in Georgia is making gains and generating substantial levels of activity, some highlights include:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nReaching a new peak in VC and Angel investment funding in 2021 that totaled $530M to Georgia life sciences companies \u2013 a more than 3X increase from average levels seen in the prior 6 years.\n<\/li>\n<li>\nGeorgia\u2019s research universities represent a major asset in life sciences R&amp;D, innovation \u2013 after growth of 36% since 2015, outpacing US growth, combined to perform $1.4 billion in life sciences R&amp;D in 2020 alone.\n<\/li>\n<li>\nFurther, the ecosystem\/industry is generating:<\/p>\n<ul class=\"bwlistsquare\">\n<li>\n583 life science-related patents in 2021\n<\/li>\n<li>\nInitiated 718 clinical trials in 2021\n<\/li>\n<li>\nAwarded $744M in NIH funding in 2021\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n\u201cThe high potential for the life sciences industry to enhance both the economic and physical wellbeing of all Georgians is a top reason the Center and Georgia Bio work hard to ensure the state\u2019s educators and career development professionals can access the resources they need to ensure our workforce meets the needs of the fast growing, care-focused, high paying industry,\u201d said Maria Thacker-Goethe, CEO of the Center.\n<\/p>\n<p>\nThe full 2022 Georgia Life Sciences State of the Industry Report is now fully public and can be viewed at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fgabio.org%2Fresources%2Findustry-snapshot%2F&amp;esheet=52960691&amp;newsitemid=20221103006242&amp;lan=en-US&amp;anchor=GABIO.org&amp;index=1&amp;md5=46b4d78148a0674ddf108511e891aa35\" rel=\"nofollow noopener\" shape=\"rect\">GABIO.org<\/a>. The state of the industry report is supported by funding from the Biotechnology Innovation Organization (BIO), Georgia Department of Economic Development, Georgia Chamber of Commerce, Innovation Crescent, Johnson &amp; Johnson, and the Metro Atlanta Chamber.\n<\/p>\n<p>\nThis new Georgia report comes a week after, a new national report released by BIO and CSBA with TEConomy finds the U.S. biotech industry is a major economic driver in all 50 states and explores why investment is booming. That full report can be viewed at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bio.org%2Fvalue-bioscience-innovation-growing-jobs-and-improving-quality-life&amp;esheet=52960691&amp;newsitemid=20221103006242&amp;lan=en-US&amp;anchor=BIO.org&amp;index=2&amp;md5=f7836a7232b6566e14c25677dd4c0a11\" rel=\"nofollow noopener\" shape=\"rect\">BIO.org<\/a>.\n<\/p>\n<p>\n<b>About the CGHI<\/b>\n<\/p>\n<p>\nThe Center for Global Health Innovation (CGHI) is a 501(c)(3) organization that was launched in January 2020 to bring together diverse Global Health, Health Technology and Life Sciences entities to collaborate, innovate and activate solutions to enhance health outcomes around the world. Follow CGHI on <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fmobile.twitter.com%2Fcenter4global&amp;esheet=52960691&amp;newsitemid=20221103006242&amp;lan=en-US&amp;anchor=Twitter&amp;index=3&amp;md5=021911939a70a29f11ac505e315542bf\" rel=\"nofollow noopener\" shape=\"rect\">Twitter<\/a> (@Center4Global) and on <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FCenterforGlobalHealthInnovation&amp;esheet=52960691&amp;newsitemid=20221103006242&amp;lan=en-US&amp;anchor=Facebook&amp;index=4&amp;md5=7395bb7d1adb9f91f9f98dd98382c8df\" rel=\"nofollow noopener\" shape=\"rect\">Facebook<\/a> and <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fcenter-for-global-health-innovation%2Fmycompany%2F%3FviewAsMember%3Dtrue&amp;esheet=52960691&amp;newsitemid=20221103006242&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=e2ec4fab77f5d505fa693d1c7b66e445\" rel=\"nofollow noopener\" shape=\"rect\">LinkedIn<\/a>.\n<\/p>\n<p>\n<b>About TEConomy Partners<\/b>\n<\/p>\n<p>\nTEConomy Partners, LLC is a global leader in research, analysis, and strategy for innovation-driven economic development. Today we\u2019re helping nations, states, regions, universities, and industries blueprint their future and translate knowledge into prosperity. For further information, please visit <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.teconomypartners.com%2F&amp;esheet=52960691&amp;newsitemid=20221103006242&amp;lan=en-US&amp;anchor=www.teconomypartners.com&amp;index=6&amp;md5=0cf84943666ab7e64f0ce9b87ccd614e\" rel=\"nofollow noopener\" shape=\"rect\">www.teconomypartners.com<\/a>.\n<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\nRyan Brooks<br \/>\n<br \/>Marketing and Communications Manager<br \/>\n<br \/><a target=\"_blank\" href=\"m&#97;&#x69;&#x6c;&#x74;o&#58;&#x72;&#x62;&#x72;o&#111;&#x6b;&#x73;&#x40;c&#103;&#x68;&#x69;&#x2e;o&#114;&#x67;\" rel=\"nofollow noopener\" shape=\"rect\">&#x72;&#x62;&#114;&#111;o&#x6b;&#x73;&#x40;&#99;gh&#x69;&#x2e;&#111;&#114;g<\/a><br \/>404.805.2456\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ATLANTA&#8211;(BUSINESS WIRE)&#8211;According to a new industry report released by the Center for Global Health Innovation (The Center) and TEConomy Partners, a global leader in research and analysis, Georgia\u2019s life sciences industry has experienced strong and steady employment growth in recent years, outpacing even the rapidly growing national industry in its private sector industrial components and &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/new-report-shows-life-sciences-as-a-major-economic-and-innovation-engine-for-georgia\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-50468","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Report Shows Life Sciences as a Major Economic and Innovation Engine for Georgia - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/new-report-shows-life-sciences-as-a-major-economic-and-innovation-engine-for-georgia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Report Shows Life Sciences as a Major Economic and Innovation Engine for Georgia - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"ATLANTA&#8211;(BUSINESS WIRE)&#8211;According to a new industry report released by the Center for Global Health Innovation (The Center) and TEConomy Partners, a global leader in research and analysis, Georgia\u2019s life sciences industry has experienced strong and steady employment growth in recent years, outpacing even the rapidly growing national industry in its private sector industrial components and ... 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