Bioscience Industry Boosts Buffalo Niagara’s Economy

A recent economic-impact analysis report by an industry trade group shows that employment in the biosciences sector is growing at a faster speed in Western New York than in Upstate New York and the state as a whole, fueled by strong performance locally in the areas of biomedical research, medical testing and drug distribution.

The biosciences sector is a focus of economic-stimulus efforts in Buffalo Niagara and in Albany. The state has invested tens of millions of dollars to boost drug development and biomedical research here. According the report, the industry provides jobs for more than 7,400 people in the region, up 4 percent over the most recent five-year period, producing a $5.6 billion total economic impact.

Bioscience jobs are valued here because these jobs pay more than jobs in other industries. The report shows average biomedical job in Upstate New York pays nearly $71,900, roughly $30,000 more than the $41,373 average private-sector job.

The report also shows that every bioscience job in Western New York supports an additional 1.7 jobs at vendor or supply-chain companies and 21,768 workers directly or indirectly are tied to the industry here, earning $1.3 billion money in total.

This industry is valued not only for its great contribution to the local employement, but also its ability to pull in billions of dollars in research and development funding to this region every year.

Thought the industry develops well those years, bioscience companies have to reinvent themselves in the face of new regulations featured in the Affordable Care Act, including a fundamental reshaping of the health-care payment model and a tax on medical-device makers and other changes.

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