Tech Transfer eNews Blog

Report highlights importance of tech transfer to U.S. economic growth

By Jesse Schwartz
Published: June 22nd, 2022

University and nonprofit tech transfer has made a huge contribution to U.S. gross domestic product (GDP), industrial gross output, and jobs over the past 25 years, according to a new study released at the annual BIO convention.

The Biotechnology Innovation Organization (BIO) and the Association of University Technology Managers (AUTM) conducted the report, which is based on data gathered by AUTM in its annual survey of technology licensing activity among U.S. universities and research organizations.

The study shows that over a 25-year period from 1996 to 2020, patents from universities and nonprofits that were licensed to outside companies bolstered U.S. industry gross output by up to $1.9 trillion and U.S. GPD by up to $1 trillion. These partnerships between research institutions and companies also supported up to 6.499 million jobs.

“This report highlights the importance of public-private partnerships and the critical role of private investment within the life sciences industry,” says John A. Murphy III, Chief Policy Officer Deputy General Counsel at BIO.

“Long-term investment and partnerships in these scientific endeavors fuels biomedical innovation, which yields countless benefits to Americans in the form of life-saving medicines, environmental and agricultural products, and many more inventions,” Murphy adds. “That’s on top of protecting millions of jobs and robust contributions to the U.S. and global economy. Protecting these relationships and the ability to share technology is absolutely crucial.”

“Thousands of life-changing innovations are developed each year on research campuses nationwide, and they rely on a vital relationship between academia and industry to advance them into the marketplace,” noted AUTM CEO Dr. Stephen J. Susalka. “This report provides an important perspective on the expanding deal pipeline that results in vital next-gen products.”

To download the full report, click here.

Source: AUTM

Posted under: Tech Transfer e-News