Biotechnology is quickly becoming one of the staples of Wisconsin’s economy, with nearly 250 biotechnology firms located in the state.

Almost 30 percent of these firms have been established within the last five years; many of them have taken residence in Madison.

As discussed at the Economic Summit in Milwaukee earlier this week, biotechnology firms are currently adding to a growing economy in Wisconsin. Biotechnology firms currently employ more than 20,000 people and add $5 billion annually to the Wisconsin economy.

University of Wisconsin bioscience professor Tim Donohue said he is very pleased with the growing trend in Wisconsin.

“Biotechnology has become a very important part of our lives because its primary focus is to solve problems in human and animal health, as well as improve the environment and agricultural practices currently employed in society,” Donohue said. “This is an excellent opportunity for the state to grow in a new area, one which creates jobs and takes advantage of the great expertise of the bioscience community on campus.”

Donohue said these types of firms bring high-paying jobs to the state, providing students with “excellent” career opportunities after graduation.

Donohue also said the economic benefits look promising.

“[Biotechnology] creates billions in revenue … and it has excellent growth potential,” he said.

Donohue also pointed out that it is imperative for the state to do what it can to help. Two major factors he believes are instrumental in growth are the need for a highly skilled workforce and further investment by companies that will benefit from current discoveries.

UW bioscience professor Andrew Bent said he agreed.

“This is a new economy for Wisconsin and is beneficial because it provides good jobs for good people,” Bent said. “[Biotechnology] helps start where technology has left off.”

Bent said that the UW bioscience-research community is a primary catalyst for the growth in Wisconsin.

“UW-Madison generates knowledge that can be used all over the world, and if it continues, UW will help facilitate further growth.”

Students agree with the positive sentiments. UW graduate student Richie Heard said bioscience technology is essential for the growth of society.

“It is necessary to increase the quality of life, and if it is not utilized, [Wisconsin] will fall behind,” Heard said.

Heard also said the positive impact is twofold.

“Biotechnology promotes jobs and helps society progress simultaneously,” Heard added.

UW junior Will Drasler agrees that it is a great trend in the state.

“The growth of these firms not only increases jobs, but it brings the research and products closer to home, where people can directly benefit from them,” Drasler said.

Many people, including those interviewed, are optimistic about the future of bioscience technology in Wisconsin.

“I feel positive about it. Given the excellence of the university and the state, it will grow,” Donohue said.