The direct contribution adds up to about 1.5% of total industrial GVA within the countries assessed, supported by 223,000 direct jobs rising to over 900,000 with associated employment.
The study looked at the economic impact of the biotechnology industry within the (then) 28 European member states, in terms of gross value added (GVA), employment and trade. It was conducted by WifOR Institute – an independent research institute specialising in impact analysis – in association with the European Association of Bioindustries, EuropaBio. Direct, indirect, and induced effects generated by the biotechnology industry in the EU28 are quantified in accordance with the system of national accounts and using a multiregional input-output model.
Economic force
Looking to future economic development, biotechnology continues to mature as an economic force, with an average annual growth rate of 4.1% in 2018, twice as fast as Europe’s information and communication sector (2.0%) and the overall economy (1.9%), making it
This reinforces its importance across sectors, both as an enabling technology with economic power in its own right, and also a transformative power for Europe’s future economic recovery and growth. Biotechnology also performed on the global stage for Europe in 2018, with a €22 bn trade surplus in high value goods, reflecting Europe’s innovative strength.
Webinar
EuropaBio will discuss the report and implications for future economic performance for biotechnology across sectors in a webinar on March 4 at 14:00 CET: ‘Measuring the Economic Footprint of the Biotechnology Industry in Europe: Landscape and Positions for Development’.
See the agenda for more information about the webinar.
Image: Peshkova/Shutterstock
