With the new Battelle report focusing on how biopharmaceutical innovation helps to fuel the economy, I wanted to share a local view from Iowa. Tom Swegle is the Vice Chairman of the Iowa Biotechnology Association and he recently published a great oped in the Des Moines Register.
A key point Swegle makes:
"Currently, biopharma supports about 23,000 jobs in Iowa - but only 3,000 people in the state are employed directly in the industry. Nonetheless, these companies play a vital role in Iowa's economy."
Swegle underscores how important innovative sectors - like the biopharmaceutical research sector - are to our State, local and national economy and how important their contribution can be to helping us solve some of the economic challenges we currently face.
And one the key take-away messages from Swegle's piece and the Battelle report is the sector's high multiplier effect. Battelle found that in 2009 each job in a biopharmaceutical company supported almost five additional jobs in other sectors.