As part of the European Biotech Week, EuropaBio shared yesterday a study revealing that Industrial Biotech has created 486,000 full-time jobs and contributes €31.6B to the EU. This new data emphasizes the huge role that Biotech plays on the continent’s economy.
The biotech industry was in the spotlight this week at the European Parliament, where the report was presented, and it received praise as one of the EU’s technological strengths. What’s more, the study predicts this industry will grow to well above 1 million jobs and almost €100Bn by 2030.
The analysis also reported that for every job created in industrial biotech, 4 more jobs are created elsewhere. The most benefited are resource providers, which includes manufacturing, business and finance, biomass supply, retail, transportation and storage, among others.
EuropaBio emphasized that Biotechnology provides a circular economy model, in which raw material, by-products and waste are used more effectively. In particular, biorefinery plays a key role in using agricultural and forestal waste to produce necessity goods.