Economic Impact Assessment measures impact of bioscience research, development and manufacturing
Charlottetown, PE – Findings of a recent Economic Impact Assessment (EIA)confirm that the province’s bioscience industry has grown to become a key component of the Island’s economy. Carried out by Jupia Consultants of Moncton, NB, the EIA measured the contribution of the bioscience sector to the provincial economy between 2012 and 2018.
The study’s results demonstrate that bioscience has become one of the most important sectors of the provincial economy, directly contributing $214 million in GDP in 2018, employing 1,900 people and doubling its direct economic output to $405 million in 2018. The bioscience cluster now accounts for 4.4 percent of the entire provincial economy, second only to the agri-food sector in export-focused industries.