Washingtons Life Science Industry Packs a Powerful Punch, New Report Shows

The life science industry in the state of Washington is on a roll, registering a 13 percent increase in employment from 2014 to 2017 and accounting for $22.7 billion in total economic activity in 2017, a just-released economic-impact report shows.

The study, sponsored by the nonprofit Life Science Washington, also shows that more than $11.5 billion in life-science business transactions i.e., IPOs, mergers and acquisitions, and venture capital investments took place last year. In addition, the life science industry supports some $6.7 billion in wages and benefits with the sectors average annual wage pegged at $93,146, compared with the $62,274 statewide average for other private-sector jobs in the state.

The states recent growth in life science employment can be attributed to significant hiring at companies that, after years of research, are now scaling up product development and adding early-stage manufacturing as well as a wave of rapidly growing start-ups, Life Science Washington states in a press release.

One of the major drivers of the growth in the sector has been the states medical-device field, which posted a 14.2 percent increase in employment over the two-year period ending in 2017. Another driver, the Life Science Washington report notes, is the computer-assisted life science sector, represented by companies such as Seattle-based Adaptive Biotechnologies.

Adaptive works at the cutting-edge of biotechnology and advanced computing, says Chad Robins, CEO and cofounder of Adaptive Biotechnologies. Washington is a global leader in both immuno-oncology and computing. Having the ability to form partnerships with world-class companies and people in both fields, without leaving home, has been a critical factor to our rapid growth in Seattle.

Overall, nearly 36,000 people are employed in life-science jobs at some 1,200 organizations across 110 cities statewide, according to the economic-impact report. The sector encompasses a range of companies and institutions, including startups, research and development companies, top academic and nonprofit research entities, and multinational corporations.