WASHINGTON--(Business Wire)-- A study released today by the Biotechnology Industry Organization (BIO) provides first-of-its-kind data on the importance of university/industry research and development partnerships to the U.S. economy. The study of university technology licensing from 1996 to 2007 shows a $187 billion dollar positive impact on the U.S. Gross National Product (GNP) and a $457 billion addition to gross industrial output, using very conservative models.
"It has long been believed that the Bayh-Dole Act, which permits and encourages industry to partner with research universities to turn federally-funded basic research into new and valuable products, is a critical factor in driving America`s innovation economy. Indeed, because of this inspired piece of legislation, the U.S. leads the world in commercializing university-based research to create new companies and good, high-paying jobs throughout the country," stated BIO President & CEO Jim Greenwood. "This new study provides the evidence to back up that belief."
BIO Releases New Study Showing Industry/University Partnerships Critical to U.S. Economy