New Report: Utah's Booming Life Sciences Industry an Economic Powerhouse
While the success of Utah's booming high-tech sector has dominated headlines the past few years, a new report reveals the state's life sciences industry has been creating its own heavy-hitters, making enormous contributions to Utah's economy while flying mostly under the radar.
The University of Utah's Kem C. Gardner Policy Institute released its first in-depth report Monday detailing the wide-ranging economic impacts of Utah's life sciences sector. Companies engaged in developing products and services, mostly related to health care such as medical devices, pharmaceuticals, lab testing and diagnostics employ, directly and indirectly, over 130,000 in the state and pay out some $7.6 billion in wages and compensation each year.
Overall, the industry accounts for almost 8 percent of the state's GDP, or about $13 billion annually.
Utah life sciences industry group BioUtah, along with the Governor's Office of Economic Development, commissioned the report and a spokeswoman said the findings "reflect in data what we've known for a long time … that this industry is a providing a huge boost to the state's economy." BioUtah board chairman, and vice president of operations for Clinical Innovations, Richard Ji said the study also reveals that Utah's life sciences impacts are continuing to expand.