Report touts potential for life sciences industry in the First State
A new report shows growth and opportunity in Delaware’s life sciences sector.
The report – Life Sciences in Delaware: Momentum and Opportunity – was produced by the Delaware Prosperity Partnership and the Delaware BioScience Association.
It’s the first in depth assessment of the life sciences landscape here.
It analyzed subsectors of bioscience activity in the state across private sector companies, higher education and nonprofit research institutions, including Pharmaceutical and Therapeutics, Research and Development, Testing and Medical Labs, Agricultural and Industrial Biosciences, Medical Devices and Equipment, and Supply and Distribution.
Delaware Prosperity Partnership Director of Research John Taylor says one main takeaway is that bioscience is a leading economic driver in Delaware.
"The life sciences sector employs approximately 11,000 people and directly generates two billion dollars in annual GDP both of which are about 2.5% of total state employment and total State GDP respectively along with annual payrolls and at least $230 million," said Taylor.
The report also shows Delaware’s life sciences operations has grown significantly in the last decade especially in biotech research and development where it increased by 65%.
Delaware is also 7th nationally for life sciences venture capital funding per capita, and nearly 30% of all biochemists and biophysicists and one in six pharmaceutical employees in the country work in this region.
Taylor says Delaware’s higher education institutions also play a role with a wide range of degree and training programs.
"The University of Delaware ranks among the top 10% nationally for National Science Foundation R&D expenditures, the other being federal funds for R&D, while Delaware State University ranks fifth among HBCUs for R&D expenditures," said Taylor.
Taylor notes the state has seen a growth in federal funding and accelerated research and development activity since 2000.
Recent developments including a several hundred-million-dollar investment in a new pharmaceutical manufacturing facility in Middletown also shows significant momentum and opportunity for growth.
The report also says for Delaware to cement its position as a preeminent hub for the life sciences, it will require clear focus and collaboration across government, higher education, and industry.