THE BIOTECH BOOM: WHY THE BIOTECH INDUSTRY IS POISED TO LEAD HIGH TECH IN UTAH.

AuthorSopko, Nikolai
PositionUB VOICES BY POLARITY TE

Sitting at the crux of high technology and advanced biology, the biotech industry is a vital sector in the U.S. economy that reached $2 trillion in annual economic impact last year (1). The industry not only provides high-paying jobs and innovative products, it also has a direct impact on individual health and wellness--and Utah is ripe to host the next generation of biotech businesses that will revolutionize health outcomes for patients around the world.

Utah's thriving high-tech industry has been at the forefront of the state's business success story for years, claiming the nation's fastest-growing IT sector and standout job growth. Getting far fewer headlines has been the rise of biotech in Utah, which now has the fastest-growing life science industry in the country. More than 1,000 Utah life science companies from medical device, diagnostics, biotechnology and pharmaceutical sectors support 130,000 jobs and account for more than $13 billion in state GDP (2). Employees in biotech earn 46% more than Utahns working in other industries.

Utah has a strong biotech foundation with heavyweights like Myriad Genetics, BioFire, Merit Medical, and Edwards Lifesciences (manufacturing). But Utah was not on the list of places to launch PolarityTE until we became aware of the extensive network in place for new businesses.

I walked away from the biotech breeding ground we had at Johns Hopkins, opting to join my former Hopkins colleagues who had founded their biotech in Utah. In less than three years PolarityTE has raised over $140 million of capital and taken our first product, SkinTE, from the lab to the patient. The state's supportive business environment has been paramount to our company's success, allowing us to grow from 4,000 square feet two years ago to close to 400,000 square feet in three Utah locations, and a diverse workforce as we have grown from an initial 12 employees to now over 150 employees. More than 40% of our employees hold a postgraduate degree. The state's enviable quality of life and low cost of living are easy hooks to attract more talent to our ranks. For these reasons we chose Utah, and for these reasons biotech thrives here.

Utah has a strong record of supporting innovation and new business, but the State must continue to advance with its best companies. Understanding the balances of growth, a state like Utah...

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