Salt Lake City—BioUtah, an independent, non-profit trade association serving Utah’s life sciences industry, Wednesday released their 2018 Life Sciences Report highlighting the industry’s positive impact on the state economic landscape. The report, containing preliminary results from the Utah Life Sciences Economic Contribution Study conducted by the Kem C. Gardner Policy Institute, was presented at Life Sciences Day at the Utah State Capitol on Tuesday, February 20, 2018.
“The state of Utah has a rich history of innovation and creativity from our life sciences entrepreneurs,” said Kelly Slone, president and CEO of BioUtah. “Our scientists and business leaders are doing amazing things to grow our economy, including employing tens of thousands of skilled workers in high-demand and high-paying jobs. This study highlights their incredible accomplishments and shows the amazing potential for growth within this industry.”
Highlights of the report include:
- More than 1,000 life sciences companies provided 34,352 jobs and paid a combined total of $2.7 billion in employee compensation.
- Utah life sciences companies achieved $7.4 billion in total sales in 2016, creating $4.1 billion in GDP.
- The life sciences industry employed 1.8 percent of the state’s workers and was responsible for 2.6 percent of Utah’s total GDP.
“Utah’s life sciences industry is one of our most high-tech, high-paying industries. It opens doors to global markets and makes a significant impact on our economy,” said Val Hale, executive director of the Governor’s Office of Economic Development (GOED). “As one of the state’s strategic industry clusters, life science fuels economic diversity and helps us maintain a healthy economy for generations to come.”
“This study highlights the significant contribution to Utah’s economic health that Utah’s life sciences companies make and also that innovation is alive and well in Utah,” said Brandi Simpson, CEO of Navigen.
BioUtah discussed the results of this study as well as other contributions during Life Sciences Day at the Utah State Capitol. The event included special guests and speakers from Utah’s life sciences community, including Kelly Slone, president and CEO of BioUtah; Val Hale, executive director of GOED; Mark Paul, president of Stryker’s Neurovascular Division; David Bearss, president and CEO of Tolero Pharmaceuticals; and Juliette Tennert, director of economic and public policy research, Kem C. Gardner Institute. Members of the Utah State Legislature and the general public also attended the event to learn about the continued expansion of Utah’s life sciences industry and its impact on the state at large.
“Our research team had the opportunity to do a granular analysis of the life sciences sector that has been thriving in Utah for many years,” said Juliette Tennert, director of economic and public policy research at the Kem C. Gardner Policy Institute. “Looking ahead, life sciences companies of all sizes are in a strong position given the industry’s maturity and growth, global technology trends, and the dynamism of Utah’s economy.”