Georgia bioscience industry expects boost in

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billion in Georgia-generated sales in 2008, accordingg to a new study. “It’s come from nothingh to a modest saidEric Tomlinson, CEO of , an Atlanta-basex specialty pharmaceutical company. Sales this year are up from anestimatedf $6 billion two years ago and $6.9 billionb in 2007, the 2008 Georgia Life Sciences Industry Analysis shows. Forty-seven companiezs were surveyed forthe study. The jump in sales reflecte significant increases in productivity amongthe state’es nearly 300 life sciences companies, said Charles Craig, president of the nonprofit , which sponsoredr the third annual “Shapin g Infinity” report, along with .
Produced by the Selig Cente for Economic Growthat , the report will be unveiled at the 24 Georgia Life Scienced Summit. There are 412 products on the market and 306undefr development, according to the study. Of those 306 234 require Food and DrugAdministration approval. “That’sx what life sciences is all about,” said Bob CEO of Atlanta-based , whic specializes in human “Who’s got the latest and greatest technology that’sd going to get people’s attention and attracty capital andattract talent?” The statre is starting to see a reasonable numbefr of products emerging, Tomlinson said.
That’s happening as companieas continue to grapple withfinancial struggles. If access to capital continuesto slow, Tomlinson said he expectsw to see a numberd of pharmaceutical, biotechnology and other life sciences companiees shut down. “Having said that, I do thinik there are a number of shiningbpoints here,” he said. The industry has great support fromlocal attorneys, accountantas and developers, who see opportunities for growth, Tomlinsonm said. Medical and diagnostic surgical appliance andsupplies manufacturing, and life sciences researcu and development spurred the growtb in life sciences from 2001-2006, making it the fastest-growingg industry in the state.
The rate slowed in some sectors between 2005 and but biofuel and bioenergy firms are according to the A totalof 15,28 jobs were created by private companies in the life sciencee industry, with the largesty number — 5,144 — in medicapl and diagnostic laboratories. The state’s life sciences firmsd produced morethan $940 million in annual wagexs in 2006, the most recent data, with an averagew wage of $61,507. “This industry is going to continud to grow and going to continur to become a greater partof Georgia’sd economy,” Craig said.
“The state is moving towardr a bio-economy because the application of life science s technologies is key to the growth of these majod industrysectors — health care, agriculture and bioenergh and industrial production.” Existing companies are seeking to More than half the survey respondents planneed to add a total of 228 jobs within the next year, according to the report. “It’s a younyg industry,” Craig said.
“There’s a lot of potential for