Bioscience is fueling the economy in Massachusetts
Massachusetts is one of the best places to be if you want to be part of the bioscience industry. It helps feed, fuel and heal the world, and provides the state with a powerful economic engine. According to a 2014 Battelle/BIO study, Massachusetts employed 77,817 in the industry in 2012, a 3.5 percent increase in growth since 2007. Massachusetts is a national leader in the biosciences in industry size, concentration and the performance of its innovation ecosystem, the study showed.
The commonwealth ranks high in three major industry subsectors — research, testing and medical labs; drugs and pharmaceuticals; and medical devices. Massachusetts’ ranking is among the top tier of states in the size and concentration of its bioscience and biomedical research complex, the Battelle study noted, with academic and other research institutions receiving nearly $2.4 billion in NIH funding in 2013.
Considering that Massachusetts bioscience companies received nearly $8.5 billion in venture capital investments since 2009, every indication is that the industry will keep growing.
These biotech companies — many formed as small startups — are supporting their communities and families. The more than 60,000 employees across the industry enjoyed an average salary of $120,628, according to the Battelle/BIO study. While these men and women are aiding in the effort to find new cures, treatments and ways to improve health care, they also are supporting local businesses and schools and investing in their communities.
The industry has been so vital to the success of Massachusetts that the state offers various grants for workforce training, research and development tax credits and other special grant and incentive programs to continue to draw the best and brightest to the state’s bioscience industry.