BIO Publishes Fact Sheet on the U.S. Biobased Economy: Economic Impact
(Biotechnology Innovation Organization) The biobased economy is approaching a tipping point in its growth and maturation. A number of biotech companies have successfully commercialized technologies for renewable chemicals, built biorefineries and created supply chains – and now turned their attention to commercializing the next big product.
BIO calculates the direct value of the U.S. biobased economy at $205 billion, generating 1.665 million jobs. Globally, BIO estimates that the economic value of industrial biotechnology, biofuels, renewable chemicals and polymers, enzymes and biobased materials is $355.28 billion.
Industrial biotechnology will continue to drive growth in the biobased economy. It’s difficult to predict where innovation will take us, but the economic impact is becoming evident; the biobased economy is a measurable percentage of overall U.S. productivity. READ MORE