Kentucky is on a streak of accelerated economic growth. New jobs are beneficial, but investments in industries that can transform our economy as we know it are even better.
And that is exactly what we have seen through continued growth of the life sciences and biotech sectors in Kentucky. The Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA) estimated that in 2021 the U.S. biotech sector accounted for $2.9 trillion in economic impact on the U.S. economy.
With continued strategic investments from our local and state governments, businesses and educational institutions, Kentucky is positioned to be a key part of a tech-driven economy.
In June, a coalition of Kentucky economic developers, educators and business leaders attended the BIO International Convention in San Diego, representing the Trifecta Kentucky region. Trifecta Kentucky is made up of representatives from the University of Kentucky, the
University of Louisville, Commerce Lexington Inc., BE NKY Growth Partnership, DesiCorp Inc., the Kentucky Cabinet for Economic Development, Greater Louisville Inc., XLerateHealth and &Well.
Trifecta was created to tie in Kentucky’s horseracing heritage with the winning trio of life sciences, logistics and lifestyle that benefits growing biotech companies. In a five-year span, employment in the biotech and life sciences fields in the Trifecta Kentucky region grew by 19% and employment now totals nearly 30,000 jobs.
Increasing costs of living and doing business on the coasts makes communities like ours well-positioned to thrive in the new era of life sciences. Greater Louisville and our surrounding communities are more affordable, and we also have a number of advantages to help life sciences companies embrace the latest trends and surpass competitors.
One of our most significant assets is the world-class research conducted at the University of Louisville and the University of Kentucky, esteemed R1 research institutions. Access to some of the brightest minds that are researching the latest technologies makes our region a major draw for life sciences companies aiming to remain at the forefront of innovation.
We must continue investing in these institutions who provide training for the most in-demand jobs in the life sciences and biotech space.
In addition, biotechnology and many life sciences companies have specific logistics and efficiency needs. Partners like UPS Healthcare are critical in helping companies not only transport their products, but also store and preserve them to meet the high standards of regulation in this industry.
Our region has access to highways, railways and the Ohio River, plus UPS Worldport in Louisville, which can help get goods to most of the globe within two days, and DHL’s main international hub at Northern Kentucky’s CVG airport.
This is critical for any biotech company producing proprietary and essential products.
There are a number of additional assets our region has to offer, like land availability, an impressive supply of water, and competitive incentives. However, there are also opportunities to do more. Investing in education and workforce training programs in this field is critical.
While 28,023 students obtained health care related degrees or certifications from 59 institutions across the commonwealth, we have to do more to retain this talent and grow our pipeline.
The most important opportunity is doing more to tell our story and collaborate. Our state is equipped to meet the needs of relocating health care companies, but being a best kept secret is not beneficial to long-term growth.
By creating one brand with widespread buy-in, we can effectively highlight all that Kentucky has to offer. Now is the time for all health care and health care-adjacent stakeholders to come together and take our health care economy to new heights.
— Makayla Owens is director of Industry Networks for Greater Louisville Inc. where she oversees the Health Enterprises Network.
