|Last Quarterly Update:||2/20/2017|
|SIC Codes:||8731, 8733|
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Companies in this industry engage in biotechnology research and development to produce processes or prototypes of new or genetically altered products using microorganisms and cellular and biomolecular techniques. Major US organizations engaged in biotechnology research include the Scripps Research Institute, Howard Hughes Medical Institute, and Jackson Laboratory; institutes affiliated with government research agencies and major universities, such as the Whitehead Institute (MIT); and the research departments of large biotechnology companies such as Amgen, Genentech, and Genzyme. Large organizations based outside the US include the Biotechnology Research Institute (Hong Kong), Flanders Institute for Biotechnology (Belgium), and the Babraham Institute and the Wellcome Trust Sanger Institute (both in the UK).
Global R&D expenses for the top four biotechnology regions -- the US, Europe, Australia, and Canada -- are about $35 billion, according to Ernst & Young. Among countries, South Korea allots more than 20% of its public R&D expenditures to biotech; Germany, about 18%, and Spain, 13%, according to the World Economic Forum. About two-thirds of biotech research expenditures are for health applications.
The US biotechnology research services industry includes about 3,300 establishments (single-location companies or units of multi-location companies) with combined annual revenue of about $18 billion. The industry does not include manufacturers or contract research organizations that test products for market.
Demand for biotechnology research in the fields of agriculture (food and biofuel), medicine, and science is driven by the global ...
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