United for Medical Research | The Impact of Genomics on the U.S. Economy

United for Medical Research | The Impact of Genomics on the U.S. Economy

 

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Impact of Genomics on Economy and Health

Advocacy Reports

The Impact of Genomics on the U.S. Economy
Released: 2013

SUMMARY
This report is an update to the highly-cited Battelle 2011 report tracking the growth of the genomics industry and its links to the federally funded Human Genome Project (HGP). This 2013 update demonstrates that the Human Genome Project and related research continue to yield significant U.S. economic growth.
KEY FINDINGS

• The HGP and related federal research are linked to $965 billion in economic activity, more than 53,000 direct genomics-related jobs and $293 billion in personal income.
• The 24-year U.S. investment in genomics amounts to $2 per year for each U.S. resident, triggering nearly $1 trillion in economic output as well as transformational changes in medicine.

BENEFITS OF FEDERAL INVESTMENT IN GENOMICS

• The cost of sequencing a human genome has plummeted from $1 billion at the start of the HGP to $3-5,000 today
• The number of diseases with an identified genomic cause has risen from 61 in 1990 to nearly 5,000 today.
• More than 100 drugs currently on the market have a pharmacogenomics label
• Advanced melanoma, a disease that languished for decades without new treatments, has had four therapies approved by the FDA in the last two years, thanks to new genomics insights.
• Genomics applications and technologies extend well beyond human health, into diverse areas that include agriculture, industrial biotechnologies, renewable energy development, forensic science and homeland security and environmental science.

Read our infographic to learn more (click to enlarge):