Word: biotechs
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...with combined revenues of $3 billion, those companies were responsible for nearly a quarter of the $12.7 billion in revenue generated by U.S. biotech firms...
Meanwhile, the university's technology licensing office has sold the use of the research to more than 100 biotech companies since 1986, helping the firms attract more than $630 million in seed money from investors...
...Massachusetts, 30 of the state's 155 biotech companies are linked directly to MIT graduates, faculty or technology. Together these compa- nies accounted for 3,200 jobs and $520 million in revenues in 1994--a sizeable chunk of the state's 15,000 biotech jobs and $1.8 billion in revenue...
While Massachusetts is second only to California in the concentration of biotech firms, the study also traces MIT's influence to West Coast companies and others in Maryland, New Jersey, Pennsylvania and Texas
Despite the concerns, nearly all of the professors interviewed still say they believe the benefits of biotech relationships outweigh the costs. One significant benefit is the ability to develop drugs that are of practical use to society. Sometimes, not patenting the drug can actually have disastrous consequences...