A MassBio report of the life sciences business reveals that Massachusetts’ elevated analysis and growth workforce and enterprise capital funding underscore the state’s vitality in America’s biopharma work.
The enterprise group’s 2023 Industry Snapshot was highlighted by the 114,000 workers inside Massachusetts’ biopharma sector. Biopharma employment has quickly rose within the Bay State, since 2018 after staying reasonably constant in prior years.
For occasion, a complete of 74,256 people have been employed in Massachusetts’ biopharma sector in 2018, practically 40,000 fewer than in 2023. Previous to that latest bounce, it took 16 years for the Bay State so as to add 40,000 jobs to the business, from 2002-2018, in keeping with the report.
Takeda, Sanofi and Moderna are listed because the state’s prime three biopharma corporations, with a collective employment of greater than 15,000, in keeping with the report. Vertex, Pfizer, Novartis, Biogen, Bristol Myers Squibb, AbbVie, AstraZeneca/Alexion, Alnylam and Foundation Medicine all have greater than 1,000 workers, in keeping with the report.
The state’s 8.5% improve in employment within the analysis and growth sector since 2022 was greater than in competitor states reminiscent of California and Pennsylvania. Both states noticed a 6.8% improve this yr.
Employment in Massachusetts’ biomanufacturing sector elevated by 6.3% since 2022, greater than New Jersey, 5.8%, and Maryland, 4.6%, in keeping with the report. Kendalle Burlin O’Connell, CEO and President of MassBio mentioned biopharma job openings have elevated each month since March.
“We never like to see company closures or layoffs, but we also know the nature of our industry is one of the big risks for researchers, founders, and investors, and big rewards for patients with unmet medical needs around the world,” O’Connell mentioned in a letter included within the business report.
Gov. Maura Healey, in a press release, mentioned her administration will stay dedicated to partnering with the biopharma business to stimulate job development and cutting-edge discoveries.
“We are the home of life-changing innovation because we have recognized the unique opportunity to harness the incredible talents and resources that we have here, and back them with real investments,” she mentioned.
More than $3.7 billion in enterprise capital funding has been hauled in by the state’s biopharma corporations within the first half of 2023, a quantity that, whereas not on observe to compete with the pandemic-inflated years of 2020-2022, is forward of funding seen in 2019 and years prior. Venture capital investments in Massachusetts elevated from $1.9 billion in 2013 to $4.7 billion in 2019. Those figures elevated drastically because of the coronavirus pandemic, leaping to $8 billion in 2020, $13.6 billion in 2021 and $8.7 billion in 2022, in keeping with the report.
The state’s biopharma business obtained 32% of all of the enterprise capital funding within the United States final yr, solely second to California’s 36%, in keeping with the report. The elevated funding proportion was a 26% bounce from 2021.
Companies in Cambridge obtained 55% of Massachusetts’ enterprise capital funding in the course of the first half of 2023, with greater than $1.7 billion in funding to space companies. Boston-based corporations obtained 25% of the enterprise capital funds and Waltham corporations obtained 19%, in keeping with the report.
Massachusetts additionally obtained $3.3 billion, 9%, of all National Institutes of Health Funding in 2022, regardless of making up 2% of the nation’s inhabitants. The $470 funding per capita, in keeping with the report, was considerably greater than New York and California, each states that obtained greater National Institutes of Health funding final yr.
“There are few, if any, places on the planet that rival Massachusetts for the density of discovery research, rapid translation and patient care,” Mass General Brigham CIO Christopher Coburn mentioned in a press release. “We understand that power in new ways since the pandemic.”
State hospitals additionally obtained greater than half of the National Institutes of Health funding in 2022, although it was a slight lower from the 54% in 2021. Higher training and analysis institutes all through the state obtained practically $1.5 billion in nationwide funding in 2022, a rise of greater than 3% from 2021, in keeping with the report.
Source: www.bostonherald.com”