Life Sciences Drives Economies

Life sciences is a bigger opportunity to Western Pennsylvania (Western Pennsylvania) than energy¹. As of 2016, National Health Expenditure was $3.2T, which accounts for 17.24% of US GDP. And by 2025 it’s expected to consume 20% of GDP³. It’s big. And it’s growing.

Helping Real People, Creating Real Impact

Data shows that investment in life sciences doesn’t just help the few, it helps the whole. For every one job created, another 6.3 indirect jobs get created⁴. In Western Pennsylvania, that has accounted for nearly 15,000 jobs. And it’s not just any job. According to a recent Milken Institute report, wages in metros with a life science cluster are 1.4 to 1.7 times higher⁵.

But even more important, according to the same Milken report, more than half the jobs created are tied to manufacturing and general operations. And although these jobs require technical training, they do not require a college degree, making them accessible to a large part of our underserved population. It is for these reasons that we believe the life sciences will be a big part of the solution for the next generation.

Sources:
¹ Chancellor Patrick Gallagher, University of Pittsburgh
² PLSG Market Research System (https://www.cdc.gov/nchs/data/hus/hus15.pdf#093)
³ Projections of National Health Expenditures Data Released, Press Release on 15 February 2017.
⁴ Milken Multiplier
⁵ Milken Institute, Center for Jobs and Human Capital, Concept to Commercialization, April 2017, pp29.