A Battelle study released by United for Medical Research illustrates the genetics and genomics industry’s impact on the U.S. economy has reached nearly a trillion dollars. The study is based on new data collected over the previous two years, and represents an update to the highly cited Battelle 2011 report tracking the growth of the industry and its links to the federally funded Human Genome Project (HGP).
The updated report, titled “The Impact of Genomics on the U.S. Economy,” demonstrates that the HGP and related research continue to yield significant U.S. economic growth. It showed $965 billion in impact, more than 53,000 direct genomics-related jobs and $293 billion in personal income, leveraged from a total federal research and development investment of $14.5 billion from 1988 through 2012.
The original report showed the U.S. federal government’s $3.8 billion funding of the HGP between 1988 and 2003 drove $796 billion in U.S. economic impact due to the growth of the genomics technology industry and the use of genomics in healthcare, energy, agriculture and other sectors.
Despite the economic downturn over the last five years, the genomics industry continued to thrive. In 2012 alone, human genome sequencing projects and related research and industry activities directly and indirectly generated:
- $65 billion in U.S. economic output
- $31 billion toward 2012 U.S. Gross Domestic Product
- $19 billion in personal income
- 152 thousand jobs (direct and indirect)
In addition to jobs and the economy, the HGP has had a profound impact on human health. Genetics and human genome mapping have pioneered new diagnostics for epidemic level diseases impacting U.S. society, including cancer, heart disease and Alzheimer’s disease.
Source: Battelle
