Arizona hires more in bioscience compared to national average
April 25, 2018
Arizona has outgrown the country in bioscience research and jobs since 2002, and the sector shows no signs of slowing down.
The key to the state’s success in bioscience has been its consistent growth, year after year. Last year showed a 29 percent growth in the non-hospital sector, and a 22 percent growth overall. In some areas, bioscience outpaces the state’s economic growth as a whole.
“We’re looking at one of the most dynamic sectors that’s a really homegrown sector for Arizona,” Principal and Managing Director of TECompany Partners Mitch Horowitz says. “It’s something that has taken a lot of imagination and something that started about 20 years ago. Arizona has been working on it in a steady way that captured a lot of activity. It’s quite a success story and one that Arizona should be really proud of.”
Horowitz says that bioscience has brought high quality wage jobs to the state, and those jobs aren’t just for those who have PhDs. There are job opportunities in engineering, nursing and a number of other areas. He says they are jobs that will “bring new wealth into the economy” to help it grow.
The numerous bioscience organizations and research labs in the state work closely with Arizona’s top three universities. Horowitz says the universities have made a significant rebound during the last couple of years.
“That really shows that universities aren’t doing research for research’s sake, but they’re thinking about how can we make a difference in society,” Horowitz says. “They’re taking that technology and working with other companies and entrepreneurs.”
Where the state lags is in venture capital. Horowitz says venture capital has taken its foot off the acceleration a little bit just when research programs need them. He says venture capital provide a strong base that allows companies to rise.
“There’s a lot of activity that can go forward if we have venture capital,” Horowitz says. “We have really high growth potential coming from our research base. They’re ready to grow further, but then they have to wait to get funding. We need more lead investors and make sure there is no stop to their growth.”
Bioscience is a sector that every state has its eyes on because some of the most promising technology is found in this area. With the right support, Horowitz says Arizona’s bioscience could go further than it’s ever been.