Economic Impact in New York State
- The biopharmaceutical sector directly employs more than 55,000 people and is responsible for more than 130,000 jobs in New York.
- Employment in biopharmaceutical grew at 1.8% from 1996-2006 against 0.8% for the rest of the state's economy.
- The biopharmaceutical sector paid $3.8 billion in wages to direct employees in New York in 2006.
- New York State is responsible for 6.8% of all direct biopharmaceutical output nationally.
- Direct wages in the sector in New York resulted in an estimated $845.6 million in federal and social security taxes and $121.0 million in state taxes.
- In 2008, New York was second in the nation with 5,053 active clinical trials in the state.
BioNY.org is a comprehensive website developed to be a one-stop shop for information relating to New York State's life science community. This website is an effective tool for cultivating a strong environment where biotechnology firms can grow and prosper as well as drawing established companies to New York. In addition, www.BioNY.org will help industry strengthen ties with academic biotechnology research centers and scientists around New York. The goal is to foster the growth of new companies and jobs here in New York.
In February 2009, Archstone Consulting published a study entitled “Economic Impact of the Biopharmaceutical Sector on New York State.” The report shows how important the biopharmaceutical sector is to New York State’s economy and the sector’s potential for continued economic contributions in the future.