Colorado’s world-class universities, highly educated workforce, excellent quality of life and pioneering spirit have made the state a hub for inventors, entrepreneurs and innovators. The state’s diverse bioscience industry in particular is thriving, creating good-paying jobs and bolstering the economy. The industry currently encompasses more than 600 companies, employs 27,000 people, with an average salary of $84,000, and adds $10 billion to the state payroll annually.
The collaboration between private companies and public policy has played no small part in supporting bioscience companies. Unfortunately, America is still ranked 50th in the world for getting medical products to market and they are often available to patients two to eight years earlier in Europe than the U.S. While we have taken steps to reduce unnecessary regulations and cut red tape, there is still more we can do to spur innovation and increase Colorado companies’ competitiveness on the global market.