Economic Impact of Health Research
Investment: Funding sources for overall research and development (2008)
|Source of R&D Funding||Investment||State Rank|
Source: Calculated from National Science Foundation, Science & Engineering Indicators, 2012
|Population, June 1, 2011||12,830,632 ||5|
Source: U.S. Census Bureau, 2010 Census Data
Economic Impact: Statistics for research-driven health industries (2008)
|Medical Device||14,296 ||$84,237 |
|Research, Testing, and Laboratories||14,756 ||$81,581 |
|Overall Private Sector||5,021,352 ||$48,986 |
Source: Battelle and Biotechnology Industry Organization (BIO), BIO State Bioscience Initiatives, 2010
Highlights from local economic impact studies
United for Medical Research's 2011 study, An Economic Engine, shows that in 2010, NIH invested $738,000,000 in Illinois, producing 14,630 new jobs.
According to the most recent 2010 BioEnterprise Midwest Venture Capital report, over $160,000,000 was invested in Illinois biotechnology start-up companies in 2010.
The Association of American Medical Colleges reports that the member medical schools and teaching hospitals in the state had a combined economic impact of $25.5 billion (ranked 7th in the country) and a total employment impact of 147,200 in 2008.
The University of Illinois system has an economic impact of $7 billion on the state economy and generates 102,000 jobs in the state. Researchers have started 48 companies, obtained more than 230 patents, and disclosed 1,200 technologies.
The Illinois Medical District (IMD) generates $3.3 billion in economic activity and supports 50,000 jobs. The IMD also generates $220 million in research each year and serves as an incubator for about 30 technology-based companies.