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North Carolina and Triangle rank third in nation in biotechnology

BT Catalyst, July-August, 2004

The Raleigh-Durham-Chapel Hill area ranks third in the nation among the country's top metro areas in biotechnology, according to a recent study by the Milken Institute of America's Biotech and Life Science Clusters. In addition, North Carolina has moved up to third in the nation as a state for biotechnology, according to a new report by Ernst & Young.

"This ranking shows that we are working aggressively to become the leader in biotech," said Gov. Mike Easley. "North Carolina's business climate, low tax burden and high-skill workforce make this region an attractive place for industries like biotech and biomanufacturing. In addition, the investments North Carolina has made in biotechnology in the last three years demonstrate to the country and the world that our state is committed to growing this industry."

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According to Milken's 2004 Biotech Index, the Triangle was ranked third behind San Diego and Boston. The Triangle was the only area in the Southeast that was a contender. In the life sciences area, only Boston, San Diego and San Jose placed ahead of the Triangle.

The study measures an area's strength in five categories: research and development inputs, risk capital, human capital, biotech workforce and current impact (an area's success in bringing ideas to the marketplace and creating companies, jobs and products). The Milken index cites several attributes as reasons for the Raleigh-Durham-Chapel Hill area's high rank, including human capital and biotech workforce categories. The region ranked first in both of those categories and ranked no lower than fourth in any of the five categories.

The Ernst & Young report moves North Carolina ahead of Maryland, with California (1) and Massachusetts (2) still remaining in the lead. The report bases its rankings on the number of biotechnology companies within each state.

For more information on the studies, visit www.milkeninstitute.org or www.ey.com.

Technology Industry

North Carolina and Triangle rank third in nation in biotechnology

BT Catalyst, July-August, 2004

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