by TEConomy for Bio Innovation Organization (BIO)
The bioscience ecosystem represents the unique confluence of key characteristics for societal and economic progress—extremely high levels of innovation that are saving and improving lives through advancements in biomedical, energy and advanced food and industrial technologies; and expanding a wide mix of employment opportunities with wages and incomes that support a high standard of living. The industry thinks big and is addressing a host of global grand challenges related to diagnosing, treating and curing disease; ensuring a safe, affordable and more sustainable food supply; and leveraging biotechnologies and sustainable approaches to develop biobased fuels, chemicals and other industrial products.
The bioscience sector is well-positioned to respond to the imperative for new medical treatments to help end the health crisis posed by the COVID-19 pandemic, as well as to contribute to the expected post-pandemic economic recovery.
Therefore, defining the biosciences is challenging due to its diverse mix of technologies, products and markets, R&D focus, and companies themselves. Considering the aggregated major subsectors involved, the TEConomy Report groups bioscience into five key components, including:
Agricultural feedstock and industrial biosciences —Firms engaged in agricultural processing, organic chemical manufacturing, and fertilizer manufacturing. The subsector includes industry activity in the production of ethanol and other biofuels.
Bioscience-related distribution —Firms that coordinate the delivery of bioscience-related products spanning pharmaceuticals, medical devices, and ag biotech. Distribution in the biosciences is unique in its deployment of specialized technologies including cold storage, highly regulated monitoring and tracking, and automated drug distribution systems.
Drugs and pharmaceuticals —Firms that develop and produce biological and medicinal products and manufacture pharmaceuticals and diagnostic substances.
Medical devices and equipment —Firms that develop and manufacture surgical and medical instruments and supplies, laboratory equipment, electromedical apparatus including MRI and ultrasound equipment, dental equipment and supplies.
Research, testing, and medical laboratories —Firms engaged in research and development in biotechnology (pre-market) and other life sciences, life science testing laboratories, and medical laboratories. Includes contract and clinical R&D organizations.
Despite the challenges of global pandemic and the resulting economic slowdown, the biosciences industry has continued to hire and grow its employment base as well as to contribute to economic recovery during and post-pandemic scenarios.
