Why promote Life Science?

I received  this email from at Altograph, Inc. who gave me permission to re-blog it. I think it is a relevant question to consider. The answer provides the basis for why New Orleans with two Health Science Centers and a Pharmacy School should get into the game.

As is commonly known, Life Science (or Bioscience) is the term used to describe the sector that includes Pharma, Biotech, Medical Devices, Clinical Trials, and Agricultural/Animal Sciences. This is an attractive sector that, despite its risks, produces real returns for the locations that successfully grow it.

Cities, states and world governments all want Life Science. Despite the fact is that the hot clusters have historically captured bulk of Life Science business, more than 40 states have committed $18 billion to develop Life Science and 80% of US economic development agencies focus on Life Science.

Why?

The average US biotech worker earns more than $67,000 yearly. This is significantly higher than the average earnings in most other sectors.
• The educated workforce in Life Science draws cultural growth and adds prestige to the location.
• Each Life Science job can generate up to six more related jobs.
• Recently, US Life Science generated more than $20 billion direct and $27 billion indirect revenue.
• This generated $10 billion in taxes.
• Industry is relatively recession-proof.
• Biotech grows in clusters, supporting further growth.

Life Science companies have different needs and behaviors than other sectors and can prove to be hard to target. Matching the niches that these highly technical companies occupy to local resources can be a challenge.

Economic Development altograph.com

Altograph is a Pioneer in linking cross-border havens of economic growth worldwide to life-science companies. We have been cited by a major jurisdiction in North America as their top consultant in the field globally.

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