If you read this blog, there’s a good chance you already know that Massachusetts is one of the biggest biotech hubs in the world. The Commonwealth’s successes in biotech economic development can be attributed to a number of things.
Massachusetts BioPharma Employment Growth
Perhaps foremost, its world-class universities, such as MIT and Harvard, continue to churn out the innovation that keeps venture groups interested. Meanwhile, established biotechs and Big Pharma continue to focus more and more R&D work in the region.
The finding from MassBio’s latest report, while not surprising, should offer reassurance that despite the ongoing economic issues, biotech in the Bay State is still growing jobs at a rate faster than the region’s economy as a whole. I should note that this is consistent with BIO’s most recent economic development report.
Robert Coughlin, President & CEO of MassBio summed the finding from his organization’s report:
“Massachusetts remains the best place for biotechnology innovation and growth, despite the economic downturn or the regulatory uncertainties the industry faces due to ongoing reform. This is an industry that is thriving here in the Commonwealth and we must remain committed to continued investment and attention to ensure our preeminence for years to come.”
Growth has slowed since 2009
Based on the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages, the report demonstrates the number of people directly employed in biotechnology in Massachusetts has grew to 53,253 in 2011.
While the rate of biopharma job growth has slowed since the recession hit in 2009—growing just 1 percent from 2010 to 2011—the industry is still growing jobs at a rate faster than the Massachusetts economy as a whole. Massachusetts also outpaces any other state in biotechnology research job growth from 2007-2011.