Massachusetts solidifies position as a haven for biotech jobs
Thursday, October 7, 2010
Massachusetts has improved its position as a nation-leading biotechnology cluster, increasing jobs not just in research & development, but also in manufacturing. The latest data from MassBio shows Massachusetts was one of just four states that added biotechnology manufacturing jobs in the last decade. Overall, Massachusetts has improved its position within the physical sciences, as defined by industry concentration, by 100 percent.
“Despite the difficult economy, we continue to be the top choice for biotech and pharmaceutical companies looking to discover the latest cures and therapies, and the top choice for the people who invest in those companies,” said Robert K. Coughlin, MassBio president and CEO. Venture capital figures have also held steady, with the first two quarters of investment in 2010 reaching an historic high. The statistics, in the MassBio Industry Snapshot, are compiled annually.
Also, Massachusetts’ biopharma industry employment reached an all-time high in 2009, continuing the industry’s six-year growth, and now accounts for $4.2 billion in payroll. Between 2005 and 2009, Massachusetts biotech jobs grew 19.7 percent, compared with 5 percent growth for all jobs in the state. Companies headquartered in Massachusetts have commercialized 141 products that treat 90 different medical conditions, for a U.S. patient population totaling over 160 million people.