On December 2, the Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations, of which NH Life Sciences is a member, released a new report, “The U.S. Bioscience Economy: Driving Economic Growth and Opportunity in States and Regions.” The biennial report analyzes the industry’s overall economic impact across the country and takes a deep dive into all 50 states offering state-by-state industry assessments and their innovation ecosystems. According to the state report, New Hampshire’s bioscience industry employed 9,330 individuals in 2023 across 1,048 business establishments marking significant development of the industry over the last five years. The statewide assessment went on further to note:
“With rapid employment growth of 27.9% since 2019, New Hampshire’s bioscience industry has grown significantly faster than the nation. The state’s bioscience industry employment represents a diverse base, with four of the five subsectors each comprising at least 20% of total bioscience employment, and all five subsectors contributing to growth. New Hampshire holds specialized employment concentrations in two industry subsectors: medical devices and equipment, and pharmaceuticals. The average wage in the bioscience industry was $136,164 — 79% higher than the state’s private sector average. Bioscience-related academic R&D expenditures totaled $238.8 million in 2022, while NIH funding to state institutions reached a new peak of $127.6 million in 2023.”
“This assessment provides further data and insight on what many in NH’s life sciences industry have known and are bearing witness to every day — our sector is diverse, robust and there is incredible opportunity for continued growth,” said Andrea Hechavarria, president and CEO of NH Life Sciences. “New Hampshire is an attractive destination for life sciences companies, and with continued collaboration across government, academia and the industry, there is strong potential to advance the industry even further. The economic opportunity for the Granite State is huge given our state’s proximity to Boston — the leading life sciences cluster in the world.”
New Hampshire’s life sciences industry has been the subject of several reports in recent years that offer in-depth assessments into the industry over different periods of time. This latest report from BIO takes a closer look at the subsectors and the elements that support NH’s life sciences ecosystem and are driving innovation. In 2023, NH saw 399 bioscience patents, up from 325 in 2019. The state also captured approximately $388 million in bioscience-related venture capital investments over the last five years. The state’s industry subsectors include agricultural and industrial biosciences, biosciences-related distribution, medical devices and equipment, pharmaceuticals and research, testing and medical laboratories.
The comprehensive nationwide report, highlighting the $3.2 trillion impact the industry has generated for the U.S. economy, can be accessed at bio.widen.net/s/hflmb92hwx/the-us-bioscience-economy-driving-economic-growth-and-opportunities-in-states-and-regions.
