New Report Highlights Illinois Life Sciences Industry’s Remarkable Growth and Economic Impact

New Report Highlights Illinois Life Sciences Industry's Remarkable Growth and Economic Impact

by John Conrad| Dec 2, 2024| iBIO News

The Illinois Biotechnology Innovation Organization (iBIO) today welcomed the release of the 2024 TECONOMY/BIO report "The U.S. Bioscience Economy: Driving Economic Growth and Opportunity in States and Regions," which demonstrates the continued strength and expansion of Illinois' life sciences industry.

"The numbers tell an extraordinary story of innovation and growth in Illinois' life sciences industry," said John Conrad, President and CEO of iBIO. "We're not just creating jobs - we're powering an economic engine that's growing 20 times faster than the overall private sector, with careers that pay more than double the state average at $153,000 annually."

The report highlights several key indicators of the industry's growth:

• 7.5% job growth since 2019, supporting 93,402 jobs across nearly 5,000 establishments
• $2.0 billion in academic bioscience R&D expenditures
• $1.2 billion in NIH funding, representing a 20% increase since 2019
• $11.1 billion in venture capital investment between 2019-2023

"What's particularly exciting is how our ecosystem continues to expand and mature," Conrad noted. "Our world-class research universities are powerful drivers of discovery, securing $2.0 billion in bioscience R&D funding and attracting $1.2 billion in NIH grants in 2023 alone. This foundation of research excellence, combined with significant venture capital investment, demonstrates the tremendous confidence in Illinois' life sciences ecosystem."

The growth aligns with Governor Pritzker's economic plan for Illinois, which identifies life sciences as a key industry for the state's future. iBIO looks forward to working with the administration to implement programs that can help innovative companies bridge critical funding gaps and scale their operations.

"Beyond the impressive economic metrics lies an even more important truth," Conrad added. "Every breakthrough in our labs, every startup we launch, and every job we create brings us closer to treatments and cures that help people live longer, healthier lives. That's what truly drives us forward."