The HudsonAlpha Institute for Biotechnology contributed a whopping $2.45 billion to Alabama’s statewide economy, according to a data analysis from the Center for Management & Economic Research at the University of Alabama in Huntsville. The data, taken from an analysis conducted between 2006 and 2018 said three factors had the most impact including employment, revenue and capital expenditures.
The study reflects data from more than 30 resident associate companies located on the HudsonAlpha campus through 2018, but that number has grown to more than 40 companies currently, who are leasing lab and entrepreneurial office space on campus.
The data includes the impact HudsonAlpha’s entrepreneurial bioscience ecosystem had on its expanding footprint in Cummings Research Park as those associates have expanded into multiple sectors across the biosciences including drugs, pharmaceuticals, medical devices, equipment, and research, testing and medical labs, which represent 71 percent of the economic dollar impact.
“HudsonAlpha has been instrumental in growing the business of biotech in North Alabama,” said Jim Hudson, co-founder of HudsonAlpha. “Just over ten years ago, there were only a few people and companies dedicated to working in biotech, but we have a remarkable track record of success and growth. These numbers show that the model we [Hudson and late co-founder Lonnie McMillian] created works, and we are positioned for the future.”