Economic Impact
Wisconsin’s Biohealth Industry Economic Impact
BioForward Wisconsin is proud to share the results of the Wisconsin Biohealth: Industry Landscape and Economic Impact Report.
Wisconsin’s biohealth industry represents a leading economic growth and innovation driver for the state, generating significant economic impacts and outperforming most major state industries in terms of job growth and wages.
According to the report, prepared by TEConomy Partners, LLC, a global leader in research, analysis, and strategy for innovation-based economic development, Wisconsin’s biohealth industry is outperforming most major state industries in terms of job growth and wages. Among the highlights within the third-party report are:
Economic Impact: The total state economic impact contribution by the biohealth industry is $28.8 billion in direct, indirect, and induced sources, as well as $1 billion in state and local taxes.
Jobs: Wisconsin’s biohealth research organizations, manufacturers, digital health, and distribution companies directly employ more than 46,000 individuals and have seen 8% job growth since 2015, outpacing the state’s overall job growth of 3%. This employment supports more than 72,000 additional jobs, leading to the full biohealth job impact reaching nearly 119,000 jobs throughout the state of Wisconsin.
Wages: The high-quality jobs generated across the biohealth industry pay more than $87,000 on average (79% above the overall industry average in Wisconsin), reflecting the high value-adding activities and skilled workforce deployed across scientific research and development, manufacturing, sales, distribution, and other key roles.
Funding: Wisconsin-based institutions and organizations received almost $500 million in National Institutes of Health funding in 2019 (an increase of 22% since 2015). Additionally, venture capital and angel investments in Wisconsin’s biohealth industries totaled $517 million during the 2015-19 period, which was invested into 104 state companies. Also, Wisconsin biohealth companies received a combined 131 Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards totaling $71 million between 2015-2019.
Additional Economic Impact Resources
Social Media Graphics
We hope that you are as excited to share this content with others as we are to share it with you. Let’s tell everyone that the Wisconsin biohealth industry is a world player, a place worth investing in, and where you want to be! Feel free to download and use these shareable social media graphics and stats on your own channels.
