The Biosciences Market: Beyond the Absentminded Professor
Do you think the biosciences market holds no opportunity for your company’s products or services? You might be surprised.
From the 2008 Biotechnology Industry Organization (BIO)-sponsored Battelle Memorial Institute Report, biosciences comprise agricultural feedstock & chemicals, pharmaceuticals, medical devices & equipment and research, testing & medical laboratories. In 2006, employment stood at 1.3 million with the total employment impact of the biosciences sector reaching 7.5 million jobs. Further, these data demonstrated the biosciences sector still outperforms the total private sector in terms of employment (5.7% biosciences employment vs 3.1%.)
BIO reports that publicly traded biotechnology companies’ total value reached $360 billion as of late April 2008 and those companies spent $27.1 billion on research & development in 2006.
Think you need a scientific background to target this market for your goods or services?
You might be surprised. For example, do you sell packaging? Cardboard boxes? Dry ice? Is your business overnight shipping?
Biotechnology laboratories receive near-daily overnight shipments of reagents, consumables, etc. in cardboard boxes with much of their orders packed in dry ice.
With all of those scientists unpacking their orders, there are plenty of co-marketing opportunities.
Further, the scientists themselves are worth closer examination. Again from the Battelle report, the biosciences sector pays their workers an average annual salary of $71,000 compared to the private sector’s $42,000 annual salary.
These workers tend to be highly skilled residents of larger metropolitan areas, often on the east and west coasts of the country.
From a general marketing perspective, the biosciences sector may seem off the beaten path but opportunities exist for the savvy marketing professional.
