New Report Shows Double-Digit Job Growth for Kentucky’s Bioscience Industry
Published on December 4, 2024 by The Lane Report
Louisville, KY – The bioscience industry footprint is growing in Kentucky, as a new report shows the bioscience workforce in the Commonwealth employs 17,341 people, an increase of 11 percent over the past 5 years. The report by the Biotechnology Industry Organization (BIO) and TEConomy Partners also shows the average wage was $106,165, which is 82% higher than the state’s private sector average.
The report highlights double digit growth in two industry subsections: agriculture feedstock and industrial biosciences and research, testing & medical laboratories. Kentucky also ranks among the top states for bioscience related research and development with bioscience academic expenditures totaling $564 million in 2022.
“The bioscience industry is driving economic growth and offering high-value, high-wage opportunities here in Kentucky,” said Kyle Keeney, President and CEO of Kentucky Life Sciences Council. “Our companies are attracting major investments, creating impressive innovations that will improve and save lives, and supporting local communities.”
The economic impact of the biotechnology sector is strongest in one of Kentucky’s signature industries. Kentucky plays a unique role in America’s biopharmaceutical supply chain, thanks to its central location and strong logistics industry. The biologistics industry has more than 1,072 individual business establishments across the Commonwealth and 8,400 jobs for Kentuckians with an average annual wage of $119,376.
As innovation creates medications to treat rare diseases, the medications become more complex, requiring special expertise and handling. Getting complex medications from the manufacturer to the patient is where Kentucky fits into this important process. Kentucky is the hub for packaging and distributing medications to patients across America and the globe. Without the biologistics ecosystem in Kentucky, patients would not receive their medications when and where they need them.
To view the full report, please click here.
About Kentucky Life Sciences Council
Kentucky Life Sciences Council serves as a resource for lawmakers, industry participants, the media, the public, and those outside the state wishing to learn more about Kentucky life sciences and biotechnology. KLSC uses advocacy to create a more favorable business environment, working with industry and government leaders to promote effective policies on behalf of the industry.
About BIO
BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products.
