Texas Is Home to a Thriving Biotech Industry

Texas has become a hot spot for scientific and medical research in the United States, with over 30 colleges, institutes and centers working on research and development projects. In 2014, the National Institutes of Health (NIH) database ranked Texas second in the nation for the number of clinical trials being conducted, with more than 16,900 studies in progress.

The numbers don’t lie…

  • Texas has more than 3,600 businesses engaged in biotechnology R&D and manufacturing.
  • From 2008 to 2013, venture capitalists invested $1.3 billion in 161 biotech and medical device deals.
  • The Texas Medical Center in Houston conducts $3.4 billion in R&D every year while housing more than 49,000 students and 106,000 employees.
  • Through the Texas Emerging Technology Fund (TETF), the state of Texas has raised $145 million in bio-medicine and pharmaceutical projects.

Texas Universities  and other health-related institutions invest millions of dollars each year in biotech R&D and intellectual property generation. Texas is home to five of the nation’s top 100 medical schools. The top ten institutions for bio-medical R&D in Texas have invested nearly $2.5 billion in R&D.

Institution Total Medical R&D Invested
(in millions)
The University of Texas M.D. Anderson Cancer Center $582.1
Baylor College of Medicine-Houston $450.6
The University of Texas Southwestern Medical Center at Dallas $388.9
The University of Texas Health Science Center at Houston $226.7
The University of Texas Health Science Center at San Antonio $163.8
The University of Texas Medical Branch at Galveston $139.3
Texas A&M Health Science Center $77.5
Texas Tech University Health Science Center $60.6
University of North Texas Health Science Center $41.9
The University of Texas Health Science Center at Tyler $12.0
Total $2,143.4

 

The Workforce 

The biotech workforce in Texas is highly competitive. Texas is one of the top three states in the country for biotech doctorates awarded in agricultural sciences/natural resources, health sciences, life sciences and biological/bio-medical sciences.

The depth and strength of the Texas biotech industry can be seen in the workforce numbers.

Industry Industry
Code
Firms Employment Average
Annual Wage ($)
Other Basic Organic Chemical Mfg. 32519 105 7,366 114,254
Agricultural Chemical Mfg. 3253 110 3,096 85,477
Pharmaceutical & Medicine Mfg. 3254 155 9,930 105,582
Electromedical Apparatus Mfg. 334510 57 2,039 92,026
Analytical Laboratory Instruments Mfg. 334516 32 1,534 80,434
Medical Equipment and Supplies Mfg. 3391 727 11,519 50,573
Testing Laboratories 54138 840 14,974 67,261
Biotechnology R&D 541711 353 4,485 105,097
Physical, Engineering & Life Sciences R&D 541712 687 15,657 89,997
Medical and Diagnostic Laboratories 6215 1,242 18,307 54,851

 

Well played, Texas.

If you would like more information on the biotech industry and its relation to the R&D tax credit, check out this biotechnology case study.

Contact a Swanson Reed specialist for further information.

Source: texaswideopenforbusiness.com

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