Biotechnology is a young, vibrant and diverse discipline, whose tenet is to use microorganisms for the manufacturing of biological therapeutics, foods, chemicals, and other products benefitting people. It includes agrobiotechnology, biopharmaceuticals, diagnostics, and bioremediation. The future of biotechnology lies in advances in healthcare, industrial biotechnology, biofuels, and cleantech.
Some trend analysts have likened today’s expanding biotechnology industry to the flowering of technologies that came out of Silicon Valley in the 1960s and 70s. Its continued growth hinges on advances in healthcare, industrial biotechnology, biofuels, and cleantech. The median starting salary reported by MBP graduates with jobs in the biotech industry is $65,000.
Invention is in the air here in the Windy City. Chicago’s mayor consistently advocates for a growing biotechnology industry, and over the last ten years, Chicago and its suburbs haven’t disappointed. In 2012, over 800 patent applications came from the Chicagoland area (360 of which were granted), the area received over $87 million in venture capital funding, and another $48.4 million in NIH funding. (Genetic Engineering and Biotechnology News, 2015)
Chicago also routinely hosts the annual BIO International Convention, and is home to pharmaceutical powerhouses, Takeda Pharmaceutical, AbbVie, Abbott and Astellas Pharma, as well as several start-ups, research parks, and incubators.