13 November 2003 19:26 [Source: ICIS news]
WASHINGTON (CNI)--A recent study by the US Department of Commerce indicates that companies engaged in biotechnology-related businesses boast combined sales of $567bn (Euro485bn) with $8bn of that in global markets, CNI learned Thursday.
Initiated last year, the study is largely based on data collected from a survey of more than 3000 firms, according to the Commerce Department. About 1000 firms responded to detailed survey questions. The study is meant to assist federal agencies in developing policies and statistics of biotech-related business in the US.
The 150-page survey report showed that $272bn in value was added to products in 2001 through the use of biotechnology, totalling 2.7% of US gross domestic product (GDP) that year.
Growth for biotech net sales during 2001 and 2002 averaged about 10%. Yet biotech business segments expanded at twice rate of growth of their businesses in 2002 at 14%, compared to 7% in 2001.
The Commerce Department found that more than 1.1m employees work in US industries that use or develop biotech products, and the workforce at biotech companies expanded by 12.3% between 2000 and 2002. Other findings included:
The full report can be accessed at: http://www.technology.gov/reports/biotechnology/CD120a_0310.pdf
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