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Joey Von Nessen

  • sam patrick posted an article
    Core industry grew faster in SC than any Southeastern state from 2017 – 2020, at double region’s rat see more

    On the heels of the proclamation by Governor Henry McMaster that  he was recognizing February 21-25 as SC Life Sciences Week in recognition of the importance of the industry to South Carolina, researchers from the Moore School of Business at the University of South Carolina have determined that the industry is not only South Carolina’s fastest-growing overall – it is growing at a faster rate than its peers across the Southeast.

    Since 2010, annual employment growth within the life science industry core has averaged approximately 2.7 percent, far exceeding that of the state as a whole over the same time period (1.4%). More recently, although South Carolina’s overall employment growth experienced a slight decrease since 2017 due to the pandemic-induced recession of 2020 (-0.4%), the life science industry core experienced remarkably high growth of 26.4 percent over the same period according to Bureau of Labor Statistics data – and an even higher rate of 42.2% using proprietary South Carolina data.

    These growth rates are unparalleled in the region, researchers noted. The life science industry core grew faster in South Carolina than in any other Southeastern state between 2017 and 2020 and at approximately twice the rate of the Southeastern region as a whole. South Carolina’s life science industry core currently ranks 5th among all Southeastern states in total size, behind Florida, North Carolina, Tennessee, and Georgia.

    The research went on to document that the annual economic impact of the life science industry on the state of South Carolina totals a robust $25.7 billion. This figure reflects the dollar value of all goods and services that can be attributed (either directly or indirectly) to life science-related firms in South Carolina. This $25.7 billion in economic output is associated with 87,773 total jobs and over $5.6 billion in labor income – and a sizable jump from the $11.4 billion impact in a late 2016 study.

    The economic impact resulting from the life science industry is associated with an employment multiplier of 2.9, which implies that for every 10 jobs that are created within the life science industry in South Carolina, an additional 19 jobs are created elsewhere in the state. This multiplier effect is substantially higher than that of the average South Carolina industry multiplier, which is 1.7.

    The life science industry in South Carolina currently consists of approximately 30,731 employees across 1,033 firms. Employment is most concentrated within firms specializing in medical devices & equipment manufacturing and bioscience-related distribution. When the indirect and induced impact of the industry is considered, the life sciences industry here accounts for a staggering 87,773 jobs, researchers note.

    Better still, the average direct job in the life science industry in South Carolina pays an annual total wage of $87,639, which represents a 79 percent premium over the average annual wage in South Carolina across all jobs ($48,942). And the industry supports a significant demand for high-wage, high-skilled jobs in various STEM fields (science, engineering, technology, mathematics, and related occupations). Approximately 26 percent of the life science industry statewide is driven by high-tech R&D, with another 33 percent in production-related activities, and the remaining 41 percent providing transportation and other support services.

    Even the growth of the firm count is extraordinary, having grown from 402 firms counted in the Palmetto State in the 2016 study to 1,033 firms today in the rapidly expanding ecosystem. And life sciences impact the entire state, with a current presence of industry organizations in 42 of 46 state counties.

    The research, led by Research Economist Joseph Von Nessen, further noted that industries grow over time, and those able to maximize the economic impact of their growth and add the most value to their local regions are typically those that focus on expanding their R&D subsectors. This bodes well for South Carolina life sciences because the high-tech R&D subsector is projected to be the fastest growing segment of life sciences over the next decade. This total anticipated growth rate of 18.4 percent exceeds projections for the broader life sciences sector and reveal significant potential for South Carolina life sciences – namely, the ability to capitalize on the projected economic growth trends that already signal strong demand for R&D.

    The findings were presented as hundreds of life science executives from 27 states and six countries assembled in Charleston, SC for SCBIO 2022: The Life Sciences Conference of South Carolina. Among more than 35 featured presenters at the conference were BIO’s global CEO Dr. Michelle McMurry-Heath, Clemson University President Jim Clements, PhRMA executive Courtney Christian, Nephron Pharmaceuticals CEO Lou Kennedy, and SC Commerce Secretary Harry Lightsey III.  SCBIO President and CEO James Chappell delivered a State of the Industry review and outlook as well.

    Life sciences today represents a key economic development focus for the state, with strong life science recruiting initiatives led by the South Carolina Department of Commerce and other regional economic development teams. Governor McMaster issued an Executive Order in April 2021 for the state to make life sciences a strategic focus for South Carolina in its recruiting and economic development priorities.

    “Life sciences is a major driver of South Carolina’s economy today, and this conference is testament to the industry’s surging impact, reach and rapidly rising economic significance in our state and country,” noted SCBIO President and CEO James Chappell. “We’re honored by Governor McMaster’s personal support for the contributions that life sciences are making to improve quality of life, care and economic standing for South Carolina citizens.”

    For additional information on SCBIO, visit www.SCBIO.org.

  • sam patrick posted an article
    Hundreds of nation’s industry leaders to gather for strategic partnership development, insights see more

    With the biggest story of 2021 – the global COVID-19 pandemic – serving as a backdrop, the largest life sciences conference in Palmetto State history will convene both in-person and virtually February 22-24 to address how South Carolina and America are accepting the challenge of  achieving health and prosperity for all, South Carolina life sciences industry officials have announced.

    Themed “Challenge Accepted,” the 2-day SCBIO 2022 event will feature national speaker sessions on Transformational Technologies, Next Generation Patient Care, Ensuring Opportunity for All, and Embracing Collaboration & Innovation – fundamental forces driving the state’s fastest growing industry: life sciences.

    Currently listed as a $12 billion industry, national economist Dr. Joseph Von Nessen of University of South Carolina’s Moore School of Business will report findings of a just-completed economic impact study of the state’s life sciences cluster, last analyzed in 2017.

    FDA Associate Director of the CDER Drug Shortage Staff Valerie Jensen is the first announced featured major speaker for the 2-day conference, addressing the gathering in a Program “Challenge Accepted:  Delivering Next Generation Care to Patients Now.”  A trained clinical pharmacist, Captain Jensen was one of the initial developers of FDA’s Drug Shortage Program and was named Associate Director in 2012. She continues to manage the Drug Shortage Staff at FDA. Joined by MUSC Health CEO Dr. Pat Cawley, Velocity Clinical Research executive Steve Clemons, and USC Provost Dr. Stephen Cutler, the panel will focus on the industry’s success in to expediting development of medicine, devices, technologies and vaccines in record time and with startling efficacy – and what it means for care around the world going forward.

    Captain Jensen will be joined by more than 25 additional presenters and honorees at SCBIO 2022, which brings together leaders and executives from life science organizations across the nation to South Carolina. In deference to the pandemic, FDA protocols on safety are being rigorously adhered to and events are also being presented and distributed virtually, organizers revealed.

    The conference will feature a significantly expanded exhibit hall showcasing scores of life sciences industry businesses, institutions of higher learning and essential support industry partners from across America, as well as presentation of the prestigious Pinnacle Awards by South Carolina Life Sciences to the outstanding 2021 Organization of the Year and Individual of the Year. Also to be honored with Pinnacle Awards will be an inductee into the SC Life Sciences Hall of Fame, and an award for an industry Rising Star under 40 years of age.  

    New SCBIO CEO James Chappell will deliver a highly anticipated “State of South Carolina’s Life Sciences Industry” address, while hundreds of in-person and virtual attendees will take advantage of meetings and connection sessions through the conference’s Partnering Portal. Additional speakers will be announced shortly, as well as posted online.

    Registration to attend the 2-day conference is now open online.  For more details, visit the 2022 Annual Conference section at www.scbio.org. Registration and exhibiting are free to many SCBIO investors. Early bird general admission pricing provides significant discounts to interested companies, industry supporters, students interested in life sciences, faculty and teachers. Limited Exhibit  space and sponsorships are also available by inquiring at info@scbio.org.

    The 2-day conference annually draws attendees from across America for networking, innovation updates, opportunity discovery, partnership making and strategic discussion. Already committed attendees include officials across a broad spectrum of life sciences industries including medical devices, bio manufacturing, drug discovery, R&D, pharmaceuticals, diagnostics and testing, digital health and health IT, bio-ag and more.

    SCBIO is South Carolina’s investor-driven economic development organization exclusively focused on building, advancing, and growing the life sciences industry in the state. The industry has more than 700 firms directly involved and over 43,000 professionals employed directly or indirectly in the research, development and commercialization of innovative healthcare, medical device, industrial, environmental, and agricultural biotechnology products.  In early 2021, Governor Henry McMaster issued an Executive Order making it a state priority to continue to grow and expand the life sciences industry in the Palmetto State.

    “Life sciences is a major driver of South Carolina’s economy, and this conference’s growth is testament to the industry’s surging impact, reach and rapidly rising economic significance in our state and region,” noted SCBIO President and CEO James Chappell. “Already accounting for thousands of highly-skilled jobs in the Palmetto State, this sector has tremendous growth potential, and we’re excited to showcase top companies, research universities and leaders from across our state and country at SCBIO 2022.” 

    Among leading biotech and med-tech industry brands participating in the conference are Nephron Pharmaceuticals, BIO, Johnson & Johnson, AVX, PhRMA, Medpoint, AdvaMed, Poly-Med, VWR, Rhythmlink, SoftBox Systems, ZEUS, Patheon Thermo Fisher, Zverse, Abbott, Alcami and more. All of South Carolina’s research universities – MUSC, Clemson and the University of South Carolina – are represented, as are major healthcare systems, and economic development entities including the South Carolina Department of Commerce, SCRA, South Carolina Hospital Association and others.

    As the official state affiliate of BIO, PhRMA and AdvaMed, SCBIO members include academic institutions, biotech companies, entrepreneurial organizations, service providers, thought leaders, economic development organizations and related groups whose members are leading the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products that transform how we heal, fuel and feed the world.

    For additional information on SCBIO or to register for SCBIO 2021, visit www.SCBIO.org.

  • sam patrick posted an article
    SCRA continues successful run building state economy see more

    Compliments of MidlandsBiz

    South Carolina Research Authority (SCRA) marked a strong year in 2021. The impact on South Carolina’s innovation economy was over a billion dollars. The total amount includes jobs supported, the salaries of Member and Portfolio Companies, grant funding to companies and academic institutions, and investments made by its affiliate, SC Launch Inc. SCRA’s economic impact was recently published in its annual report, ScaleUP SC.

    Included in the $1.003 billion impact are:

    • 5,429 South Carolina-based jobs supported by SCRA programs and operations.
    • $73,811 average salary of SCRA-supported companies, 53% higher than the state’s average of $48,097.
    • $4.6 million in grants to advance research capabilities, commercialize technology, expand product offerings, and fund the costs for businesses relocating to the state.
    • $2.2 billion in additional funding from venture capitalists, etc. to SC Launch companies since the inception of the program in 2006, with over $722 million received in 2021 alone.

    “SCRA again has proven how important it is to our state’s economy. The funding and other support they provide to tech startups and academic institutions produce higher-paying jobs. This has a direct impact on our state’s economy. South Carolina is becoming a state known for its growing knowledge-based economy and SCRA is a major catalyst for this growth,” said Joey Von Nessen, PhD, University of South Carolina Research Economist who prepared the economic impact analysis.

    Other 2021 highlights include several SCRA Member Companies and SC Launch Inc. Portfolio Companies scaling up after pauses due to the pandemic. Many increased staff, affecting job growth, and others expanded their physical operations. Some even moved their operations to South Carolina from other states.

    “I often talk about how exciting it is to see innovation develop and grow in our state. We not only have a front row seat, but we also have the honor and responsibility to help it grow. Our team shares my passion and it’s evident in our daily activities. We may be funding a relocation to bring a technology-based company to South Carolina, providing a grant to a startup at one of our colleges or universities, or connecting an early-stage startup to a large industry leader to solve a technology problem, which creates significant growth for the startup or establishes a technology platform at the university. It’s all in a day’s work here at SCRA,” said SCRA Executive Director Bob Quinn. “With a vibrant entrepreneurial ecosystem, world-class universities, and thriving industry, we’re off to a great start this year as well.”

     

  • sam patrick posted an article
    MUSC has multi-billion-dollar impact on South Carolina... see more

    A new report shows the Medical University of South Carolina has an annual economic impact on the state of about $5.6 billion. MUSC Health CEO Patrick Cawley, M.D., knows where a big part of the credit lies. “MUSC Health has grown significantly in the past 18 months and this report details the growing economic impact across the entire state of South Carolina.”

    In early 2019, MUSC bought four hospitals in Lancaster, Florence, Marion and Chester, creating a regional hospital network and establishing itself as a health care organization that reaches well beyond Charleston. 

    Joseph Von Nessen, Ph.D., a research economist at the Darla Moore School of Business at the University of South Carolina in Columbia, led the six-month economic impact study. “MUSC maintains a unique and sizeable statewide economic footprint. Its impact in Charleston may already be well known, but it’s also important to recognize that MUSC’s economic benefits extend well beyond the borders of the Tri-county region.”

    For example: “About 38,000 people in South Carolina can attribute their jobs either directly or indirectly to the activities that are going on at MUSC every day. It really shows how significant MUSC’s impact is,” Von Nessen said.

    Read the entire story here...

  • sam patrick posted an article
    SCRA Making Huge Contributions to SC business and job growth see more

    New Report Spotlights Heavy-Hitting Contributions to State Business and Job Growth

    In Fiscal Year 2019 (FY19), the South Carolina Research Authority (SCRA) played a major role in boosting jobs and technology-related businesses in South Carolina, with 2.9% technology sector job growth—close to double that of general statewide employment gains—and an impact of $694.38 million on the overall innovation economy. An annual report released this week quantifies metrics and shares the success stories behind these positive statewide trends resulting from the efforts of SCRA and its clients and partners in research, academia, entrepreneurship and industry.  Click here to read the full story, compliments of Midlands Biz.