UNC Chapel Hill generated nearly $8 billion in economic impact across the state in its fiscal year ending June 30, with commercialization of research showing particular strength, officials said Monday.
That included $4.17 billion in direct impact, with the balance tied to indirect and induced economic activity, according to the university’s annual Innovation and Economic Impact report.
Research expenditures topped $1.55 billion last year, pushing UNC into the top 10 of research institutions by annual expenditures, officials said.
“As the volume of foundational research and number of valuable ideas at the University grow, we’ve built a strategy for translating more of the inventive thinking and discoveries that emerge from our labs and classrooms into products, services and companies that make a tangible impact for the people and economy of North Carolina,” Dedric Carter, the university’s vice chancellor for innovation, entrepreneurship and economic development and chief innovation officer, said in a release.
Four core commercialization metrics — invention disclosures, provisional patent applications, issued U.S. patents and IP-based startup launches — each increased by more than 20% compared with the previous fiscal year, according to the university’s report.
The university cited some examples of UNC-affiliated companies that made significant moves:
- Morrisville-based Liquidia received FDA approval and shipped its first commercial product, Yutrepia, which treats pulmonary hypertension associated with interstitial lung disease.
- Durham-based G1 Therapeutics was acquired by Holbaek, Denmark-based Pharmacosmos for $405 million.
- Carpe, co-founded by UNC Chapel Hill and Duke University alumni, was acquired by Topspin Consumer Partners, a private equity firm based in Mamaroneck, New York.
There are 682 UNC-affilated startups, with 79% of them based in North Carolina, the report noted. The N.C. startups employ a combined 14,530 people.
Like many universities, UNC is putting an increased emphasis on moving research and innovative products from its scientists and entrepreneurs into the marketplace.
Data for the report came from more than 20 university departments and innovation programs, affiliated groups, and Innovate Carolina, the campuswide initiative for innovation, entrepreneurship and economic development.
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