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17 April 2014 12:48 pm ,
Vol. 344 ,
Officials last week revealed that the U.S. contribution to ITER could cost $3.9 billion by 2034—roughly four times the...
An experimental hepatitis B drug that looked safe in animal trials tragically killed five of 15 patients in 1993. Now,...
Using the two high-quality genomes that exist for Neandertals and Denisovans, researchers find clues to gene activity...
A new report from the Intergovernmental Panel on Climate Change (IPCC) concludes that humanity has done little to slow...
Astronomers have discovered an Earth-sized planet in the habitable zone of a red dwarf—a star cooler than the sun—500...
Three years ago, Jennifer Francis of Rutgers University proposed that a warming Arctic was altering the behavior of the...
- 17 April 2014 12:48 pm , Vol. 344 , #6181
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Genomics Impact on U.S. Economy Approaches $1 Trillion
12 June 2013 11:16 am
Despite a slow economy, business in genomics has boomed and has directly and indirectly boosted the U.S. economy by $965 billion since 1988, according to a new study. In 2012 alone, genomics-related research and development, along with relevant industry activities, contributed $31 billion to the U.S. gross national product and helped support 152,000 jobs, the biomedical funding advocacy group United for Medical Research announced today in Washington, D.C.
The Impact of Genomics on the U.S. Economy is an update to an industry-conceived report from 2011 by Battelle Technology Partnership Practice. At the time, Battelle calculated that the $3.8 billion U.S. federal investment in the Human Genome Project produced a return of $141 in economic output per dollar invested, a figure that President Barack Obama rounded off in his State of the Union address in February. Today's update factors in an additional $8.5 billion in relevant federal support and, based on the total U.S. investment, concludes a 65 to 1 return on the government's spending (adjusted to 2012 dollars).
Advocates for federal funding of biomedical research hope such rosy numbers will help persuade Congress to sustain support for the field.