Startup biotechnology firms are already having a major impact on the U.S. economy.??
The Huffington Post reports that biotechnology companies are emerging in Detroit, and the city is becoming a national hub for many startups. The Detroit Future City Plan showed that the biotechnology sector was one of four segments that is expected to significantly affect the local economy in 2013.
“[Biotechnology] has seen growth in Michigan, and particularly in Detroit, even when the economy was going downhill,”??Dr. Stephen Rapundalo, president and CEO of the Michigan biosciences trade association, told the news source.??
Meanwhile, industry experts noted that the biotechnology sector has expanded over the past few years, and the trend could continue as the U.S. economy recovers from the recession of the late 2000s. In a 2011 study by National Defense University, industry analysts stated that the U.S. biotechnology segment earned $92.4 billion in revenue in 2010 and projected 9.4 percent near-term??growth in the sector. If more biotechnology businesses increase their profits, these firms could seek qualified professionals to improve their staffs and bolster their services.
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