BioForward Wisconsin Releases 2024 Economic Impact Report: Biohealth Industry Drives Wisconsin’s Economy with $37.7 Billion Contribution

WISCONSIN / AGILITYPR.NEWS / November 01, 2024 / BioForward Wisconsin, the action-oriented advocacy organization representing over 250 members across Wisconsin’s biohealth sector, unveiled its latest Wisconsin Biohealth Industry Landscape and Economic Impact Report. The report, prepared by TEConomy Partners, LLC, underscores the biohealth industry’s role as a leading force in job creation, economic growth, and innovation across Wisconsin.

The biennial report details the industry’s substantial economic contributions in 2023, with a direct impact of $22 billion and a total economic impact of $37.7 billion, including direct, indirect, and induced effects. The industry supports over 141,000 jobs across the state, with nearly 58,000 direct jobs—reflecting a 25% increase in employment since 2018.

“Wisconsin’s biohealth industry is not only a catalyst for economic impact but also a critical component of our state’s innovation ecosystem,” said BioForward CEO Lisa Johnson. “This report highlights the exceptional growth in biohealth-related jobs making Wisconsin a designation of choice for companies where collaboration and the extensive supply chain across Wisconsin is central to the success of our biohealth industry.

Key Findings of the Report:

• Economic Impact: Wisconsin’s biohealth industry generated $37.7 billion in 2023 through its direct, indirect, and induced contributions, along with $1.4 billion in state and local tax revenue.
• Employment Growth: With a 25% rise in employment since 2018, the industry has outpaced both the state and national growth rates. Biohealth companies directly employed more than 58,000 individuals in 2023, a figure supporting an additional 83,000 jobs across Wisconsin.
• Wages & Productivity: Biohealth jobs in Wisconsin are among the most lucrative, with an average annual salary of $104,000, approximately 70% above the state average. Industry productivity, measured by value-added per worker, reached nearly $270,000, more than double the average for the state’s private sector.
• Industry Expansion & Investment: Wisconsin’s biohealth industry is fueled by significant investments and partnerships. The sector’s innovation ecosystem has been further bolstered by federal funding as one of 12 Tech Hubs nationwide, with $49 million awarded to advance Wisconsin’s personalized medicine initiatives with the Wisconsin Biohealth Tech Hub.
• Subsector Highlights: Digital health remains the largest subsector, with a 34% growth rate since 2018, underscoring the industry’s adaptability and resilience.

The report positions Wisconsin’s biohealth industry as a national leader in innovation-driven economic growth, with potential for further expansion in personalized medicine, biopharmaceuticals, and medical devices. BioForward Wisconsin’s continued efforts, in conjunction with the Wisconsin Biohealth Tech Hub initiative, aim to create sustained economic opportunities, increased global competitiveness, and advancements in health outcomes.

The report, supported by BioForward Wisconsin and the Wisconsin Economic Development Corporation, reaffirms the importance of the biohealth industry as a dynamic, growth-oriented sector vital to the state’s economic future.

About BioForward Wisconsin

BioForward Wisconsin represents more than 250 member organizations across an integrated network of health solution leaders, including research institutions, biotech and biopharma, digital health, healthcare systems, medical device, and diagnostics. The association works to strengthen Wisconsin’s biohealth industry by fostering collaboration and driving innovation.