New Report Shows Life Sciences a Major Economic and Innovation Driver for Georgia

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ATLANTA–(BUSINESS WIRE)–According to a new report by the Center for Global Health Innovation (The Center) and TEConomy Partners, a global leader in research and analytics, Georgia’s life sciences industry has experienced strong growth and steady employment in recent years, surpassing even the rapidly growing domestic industry in its private sector industrial components and surpassing 78,000 total jobs in 2021.

The report, which examines the growth and trends of our sector over the past five years, shows that since 2015, job growth in life sciences has outpaced overall private sector growth by more than twice. in Georgia, strengthening the role of industry as an important target group. for the state’s economic development and its vital role as an economic and innovation engine for Georgia.

The main conclusions of the economic and impact analyzes of the industry are as follows:

  • Life sciences are a major economic and innovation driver for Georgia.

    • Since 2015, job growth in the life sciences has more than doubled the overall growth of the Georgian private sector (20% job growth for the life sciences industry versus 9% for the private sector). Georgian private sector), strengthening the role of industry as an important targeted cluster for the state. economic development and its essential role as an economic and innovation engine for Georgia.

    • Growth has been particularly strong in the “industrial” life sciences segment which has increased employment by 29% since 2015 and has surpassed the country (23%).

    • Life science workers earn nearly $93,000 a year on average, nearly $30,000 more than the private sector average in Georgia.

  • The industry’s large footprint – 78,000 direct jobs in 4,000 establishments – along with its strong growth and high wage premium all result in major impacts for the Georgian economy, generating:

    • Nearly 215,000 total jobs in the state’s economy

    • $50 billion total economic impact

  • Georgia’s life sciences innovation ecosystem is progressing and generating substantial levels of activity, including some highlights:

    • Hit a new high in venture capital and angel investment funding in 2021, which totaled $530 million for Georgian life sciences companies – a more than 3x increase from average levels seen over the past of the previous 6 years.

    • Georgia’s research universities are a major force in life science R&D and innovation – after growing 36% since 2015, outpacing US growth, combined to achieve $1.4 billion in life science R&D life in 2020 only.

    • In addition, the ecosystem/industry generates:

      • 583 patents related to life sciences in 2021

      • Initiated 718 clinical trials in 2021

      • Secured $744 million in NIH funding in 2021

“The high potential of the life sciences industry to improve both the economic and physical well-being of all Georgians is one of the main reasons the Center and Georgia Bio work hard to ensure that educators and career development professionals across the state can access the resources they need to ensure our workforce meets the needs of the fast-growing, care-oriented, high-paying industry,” said Maria Thacker-Goethe, CEO of the Center.

The full 2022 report on the state of Georgia’s life sciences industry is now fully public and can be viewed at GABIO.org. 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 & Johnson, and the Metro Atlanta Chamber.

This new Georgia report comes a week after a new national report released by BIO and CSBA with TEConomy finds that the US biotech industry is a major economic driver in all 50 states and explores why investment is booming. This full report can be viewed at BIO.org.

About CGHI

The Center for Global Health Innovation (CGHI) is a 501(c)(3) organization that was launched in January 2020 to bring together various entities in global health, health technology and life sciences to collaborate, to innovate and activate solutions to improve health outcomes around the world. Follow CGHI on Twitter (@Center4Global) and on Facebook and LinkedIn.

About TEConomy Partners

TEConomy Partners, LLC is a global leader in innovation-driven economic development research, analysis and strategy. Today, we help nations, states, regions, universities and industries plan for their future and turn knowledge into prosperity. For more information, visit www.teconomypartners.com.


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