Bioscience transforms into pillar of P.E.I. economy
Partnership between private and public interests given credit for growth
Rapid growth in the bioscience sector over the last decade has turned it into a mainstay of the P.E.I. economy, according to a study sponsored by the industry released on Tuesday.
The study by Jupia Consultants of Moncton found the bioscience sector contributed $282 million to provincial GDP in 2018, about 4.4 per cent of the total economy. That's up 83 per cent since 2012.
"These positive results are a testament to the BioAlliance model, a partnership among industry, researchers, academia, and government agencies, working together to build the bioscience sector in P.E.I.," said Russ Kerr, board chair for the P.E.I. BioAlliance, in a news release.
The study also looked at employment in the sector.
It found 1,968 full-time equivalent jobs in the sector, up 72 per cent since 2012.
In 2016, the BioAlliance launched an ambitious five-year growth strategy, with part of that goal to add 100 employees per year to the sector annually. From 2016 to 2018 the sector achieved more than twice that.
With an average salary of $62,767, Jupia said the sector is one of the best paying on the Island as well.
That's 44 per cent above the Island average, and higher than the average in finance and insurance, or construction.