I am traveling today, so posts will be light. BIO 2014 was a good conference this year. Numbers seem to be up and the business forum was bustling with activity. Earlier this week we had articles talking about the trends in biotech. These are my takeaways from the Erst & Young session at BIO.
The latest report on the global biotechnology industry from Ernst & Young notes that while the sector rebounded strongly last year, particularly across the Atlantic, that growth was driven by a small group of big players. and others need to become much more efficient.
While the world’s biopharma players are still working to solve the problem of R&D productivity, they’re hardly being stingy in the process. R&D spending across the industry leapt 14% last year, according to EY, a sharp rebound reflecting renewed optimism among drug developers and their investors.
Last month Ernst & Young named the finalists for their 2014 Entrepreneur of the Year in Illinois. Winners will go on to the annual Entrepreneur Of The Year awards is held in Palm Springs in November. Their list includes two of the top CEO’s from our most exciting startups.
EY has announced the winners of the EY Entrepreneur Of The Year™ Award in the Upper Midwest. This group of leading entrepreneurs was selected by an independent judging panel made up of regional business leaders. The winners were revealed at a black-tie gala on Wednesday, June 11, 2014, at the Hyatt Regency Hotel in Minneapolis, Minnesota.
Today iBIO, Ernst & Young, and the Illinois Science & Technology Coalition released the The Economic Engine of Biotechnology in Illinois Report.
The Economic Engine of Biotechnology in Illinois Report is the first, comprehensive report on the economic impact of the biotechnology industry on the Illinois economy. This report will be used as a baseline for future updates. Ernst & Young used a series of in-depth interviews with industry leaders, combined with a thorough analysis of the data, statistics and metrics from dozens of independent sources to develop the comprehensive analysis of our community.
Topline Results from the report:
Illinois is at the core of the most vibrant biotech cluster in the United States:377,900 employees in more than 16,800 establishments
A Snapshot of the Economic Impact of Illinois Biotechnology:$98.6 Billion in Economic Output—52.4 Direct, 46.2 Indirect/Induced81,000 Direct Jobs, 288,000 Indirect/Induced, for a total of 369,0003,572 Illinois Biotech CompaniesNearly $2.9 Billion in Total State and Local Tax Revenue – 1.1 Billion Direct, 1.8 Indirect/InducedThe release of this report is very exciting. It is the culmination of a year long project, that would not have been posible with out the partnership with Ernst & Young. I hope the community takes ownership of this report and not only celebrates the great success we have experienced, but also the areas where we need to improve. So that our community can continue to grow and in a few years we can once again see the great progress we have made.
This is a conversation, not an editorial. Did I forget something, get it wrong or do you agree? Please Comment, Like, Re-Tweet and Share.
This morning John Pletz from Chicago Crain’s ran the article: Are Illinois, Midwest the best-kept secrets in biotech?. The article focuses on a year long project by, iBIO, the Illinois Science & Technology Coalition, and Ernst & Young.
The goal of the study was to to benchmark the current position of the industry, and establish a framework by which to assess trends on a longitudinal basis in order to better inform strategy development, public policy and industry / research institution engagement.
The study sought to:
1. Quantify the size and economic and fiscal contribution of Illinois’ biosciences community.
2. Develop case studies to showcase successes and convey the maturation of the Illinois biosciences ecosystem.
3. Identify areas of future growth for the community.
On Monday, April 22nd, at 12:30pm the study partners and Governor Quinn will release the full report in the Illinois Pavilion at the opening of the BIO convention.
If you are at the BIO convention stop by the Illinois Pavilion to pick up a copy of the report. On Monday I will send out links to the report and an overview of the press conference.
Do you have news you would like to share, ideas about articles, or just something you want to get off your chest. Share them with me, email@example.com.