Illinois boasts the largest number of biotechnology companies and leads the way in employment, corporate profitability, employee wages and growth in Midwest
<0> iBIO and Ernst & Young Unveil Report That Reveals Midwest as the Most Vibrant Bioscience Hub in the United States </0>
iBIOAJ Pace, 312-422-4979orfor Ernst & Young LLPKelley Yoder, 312-447-2575
iBIO President and CEO David Miller today announced that a new independent study has ranked the Midwest at the top of the nation’s biotechnology industry, and Illinois is at the core of the most vibrant bioscience hub in the United States. The announcement was made to the world biotechnology community at the BIO International Convention in Chicago and cites ''The Economic Engine of Biotechnology in Illinois,'' a new report from iBIO and the Illinois Science and Technology Coalition, conducted by Ernst & Young LLP.
“This comprehensive report by Ernst & Young quantifies the size and scope of our Illinois biotech sectors and their profound impact on job and tax contributions here,” said David Miller. “The report shows not only that Illinois is a remarkably diversified biotech powerhouse, but also that our state is at the heart of a Midwest region that easily holds its own with either coast.”
The report demonstrates that Illinois stands out as a significant player in the biotechnology industry in three ways. First, Illinois is at the core of the most vibrant bioscience cluster in the United States; second, biotechnology is a critical component and driver of the state’s economy; and third, the State of Illinois is committed to fueling this growth and advancing the biotechnology industry.
The Midwest Super Cluster, which includes Illinois and the surrounding eight-state region, surpasses California and the East Coast in biotechnology-related employment, number of establishments and research and development expenditures according to “The Economic Engine of Biotechnology in Illinois.” The report, offers four :
“Ernst & Young is committed to helping the Midwest become one of the top biotechnology communities in the world,” said Ernst & Young’s Midwest Health Sciences Leader Jo Ellen Helmer. “To succeed, our region must continue to invest in the industry and increase collaboration and partnerships, as well as facilitate ongoing research, recruit the talent needed to ensure growth and emphasize the ease and ability to secure early-stage funding.”
Ernst & Young LLP conducted direct interviews with senior industry leaders throughout the Midwest region to create the report. Data was also gathered from reports by Battelle Memorial, information from the Bureau of Labor Statistics, the National Science Foundation, various university technology transfer offices, biotechnology organizations, publicly available data sources and reports, as well as proprietary databases. The nine-state Midwest Super Cluster includes Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio and Wisconsin. Dan Shoenholz, a Principal in Ernst & Young’s Life Sciences Commercial Advisory Services Practice, led the study.
The full report may be viewed at .
iBIO, which commissioned the study, aims to make Illinois and the surrounding Midwest one of the world’s top life sciences centers, a great place to do business and a great place to grow new technology ventures. iBIO advocates for sound public policy at the local, state and federal levels, improves our region’s ability to create, attract and retain businesses, and orchestrates industry involvement to help restore America’s leadership in math and science education.