Economic Impact of Health Research
Investment: Funding sources for overall research and development (2004)
| Source of R&D Funding | Investment | State Rank |
| Federal Government | $1,624,200,000 | 16 |
| Industry | $1,327,900,000 | 24 |
| Universities | $112,300,000 | 23 |
| Non-profit | $36,100,000 | 21 |
| Other * | $79,700,000 | 14 |
| Total | $3,180,200,000 | 24 |
* Other represents funding from state and local governments and funding for Federally Funded Research and Development Centers from non-federal sources.
Source: National Science Foundation, National Patterns of R&D Resources , 2006
Economic Impact: Statistics for research-driven health
industries (2004)
| Industry | Employment | Annual Salary |
| Pharmaceutical | 3,136 | $66,773 |
| Medical Device | 8,541 | $46,903 |
| Research, Testing, and Laboratories | 8,025 | $57,260 |
| Overall Private Sector | $34,866 |
Source: Battelle Memorial Institute and Biotechnology Industry Organization (BIO), Growing the Nation's Biotech Sector: State Bioscience Initiatives 2006
Highlights from local economic impact studies
The Association
of American Medical Colleges reports that the member medical schools and
teaching hospitals in the state had a combined economic impact of $8.4 billion and a total employment impact of 58,000 in 2005.
According to the Tennessee
Board of Regents, every dollar of external funding obtained by Tennessee's universities results in $5
of spending in the Tennessee
economy.
Vanderbilt
University and
Vanderbilt Medical Center employ more than 18,500 in the state
and have an annual economic impact of $4 billion.
The University of
Tennessee (UT) and Battelle found that the Oak Ridge National
Laboratory's expenditures in 2005 increased Tennessee's gross state product
by $820 million and supported 20,700 jobs in the state.
According to the Memphis Bioworks
Foundation, the UT-Baptist
Research Park will generate 5,000
bioscience jobs and 4,000 supporting
jobs. The park is also expected to have an annual economic impact of $2 billion.