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What's up with Biotech in MA so far in 2023?


Mass Bio released their Industry snapshot today, Sept 7 2023. It's focus is more about the pharma industry vs tools & medical devices but does have some interesting sections. There has been significant growth over the last 20 yrs in Biotech in MA from 36,689 employees in 2002 to 113,994 employees in 2022.


There are sections on VC & NIH funding, real estate, job growth, biomanufacturing, locations of VC funded companies, IPOS and exits. Also included is data around regional workforce and R&D/drug pipelines.

Highlights include:

  • The biopharma R&D workforce experienced year-over-year employment growth of 8.5%, while biomanufacturing grew by 6.3%, for a total growth rate of 6.9%.

  • In the first half of 2023, Massachusetts-based companies received $3.73 billion in VC funding.

  • Massachusetts headquartered companies received 32% of all VC dollars invested in the industry.

  • Construction was completed on 6 million square feet of life sciences-specific space across Massachusetts in 2022.

  • Massachusetts’ drug development pipeline is 14.9% of the U.S. pipeline.

The link to the report is below.


FINAL-2023_IndustrySnapshot
.pdf
Download PDF • 1.71MB

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