Licensing of Academic Patents Has Contributed Up to $1.7 Trillion to US Economy (BusinessWire)

Licensing of Academic Patents Has Contributed Up to $1.7 Trillion to U.S. Economy

The licensing of university and nonprofit research has made a significant contribution to US gross domestic product (GDP), industrial gross output, and jobs over the last 22 years, according to an independent study commissioned by the Biotechnology Innovation Organization (BIO) and AUTM, a global nonprofit that works to advance ideas from research institutions into the marketplace.

The report, “The Economic Contribution of University/Nonprofit Inventions in the United States: 1996-2017,” documents the sizeable return that US taxpayers receive on their investment in federally funded research. It shows that, during a 22-year period, nonprofit patents and the subsequent licensing to industry bolstered US industry gross output by up to $1.7 trillion, US GDP by up to $865 billion, and supported up to 5.9 million person years of employment.

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