Study says economy impacts South Carolina's life science industr - FOX Carolina 21

Study says economy impacts South Carolina's life science industry

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(FOX Carolina/File) (FOX Carolina/File)
COLUMBIA, SC (FOX Carolina) -

A new study was recently released outlining South Carolina's life sciences industry.

According to a study conducted by the South Carolina Research Authority (SCRA) and South Carolina Biotechnology Industry of Organization (SCBIO), the state's life sciences industry has an annual economic impact of approximately $11.4 billion.

The study prepared by the University of South Carolina's Darla Moore School of Business finds that the growing sector has experienced an average annual employment growth rate of approximately 1.7 percent in the Palmetto State since 2005.

"The life sciences has become a major driver of South Carolina's economy," said Secretary of Commerce Bobby Hitt. "Already accounting for thousands of highly-skilled jobs in the Palmetto State, we know that this sector has tremendous growth potential, and we're excited to be partnering with SCBIO to help life sciences continue to advance in South Carolina."

According to South Carolina Department of Commerce, life science jobs are typically high-paying. The average direct job in South Carolina's life sciences industry pays an annual total compensation of $78,658, which is approximately 95 percent higher than the state's average annual compensation across all jobs.

In July 2016, South Carolina Commerce partnered with SCBIO to determine the direction of the state's sector. The first step was to complete an economic impact study. After the study was concluded and identified, the two organizations forged a memorandum of understanding (MOU) that outlines shared goals and objectives designed to further catalyze and grow the life sciences industry in South Carolina.

"The data generated by this economic study confirms the positive and significant impact that the life sciences industry is already having on the economy of South Carolina," said SCBIO President and Chief Executive Officer Sam Konduros.

This MOU includes the creation of an unprecedented strategic plan for accelerating the development of the state's burgeoning life sciences industry sector, and it's expected to produce measurable results in the years ahead.   

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