10.13.14
Northeastern University's Dukakis Center for Urban & Regional Policy has released new data that Massachusetts leads the nation in life sciences on a population basis.
The data indicates Massachusetts now has nearly 180,000 jobs in the life-science sectors and supplying industries, including 113,000 direct jobs in the life-science sectors and an additional 66,000 jobs in industries that supply the life-sciences. When taking population into account, this puts the Massachusetts at the head of the list, with the commonwealth employing 1.8 times more people per capita than California and 2.3 times the number in New York.
“This study shows how important the life sciences sectors have become to the Massachusetts economy, and the importance of the investments we have been making for the past six years in the growth of our life-sciences ecosystem,” Senate President Therese Murray said.
The industry sectors targeted for investment by the Massachusetts Life Sciences Center (MLSC), the agency charged with implementing Massachusetts' 10-year, $1 billion initiative have been growing rapidly, enjoying 17.5 percent growth since 2006. That's compared with 1.4 percent job growth over that time in the overall state economy, the researchers said.
"As of 2014, all ten of the top 10 major drug companies in the world have set up shop in Massachusetts," Barry Bluestone, Dukakis Center Director, said in a statement. "Why? Because they wanted a front row seat to acquire small life science firms and their discoveries. And what helped make this possible? Small life-sciences firms received support from the MLSC [Massachusetts Life Sciences Center] in the form of accelerator loans, research and development funds, and interns that help them translate their ideas into commercially viable products."
The study was conducted through the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University and authored by Bluestone and Alan Clayton-Matthews.
“Long-term prospects for life-science employment in Massachusetts are excellent,” said Clayton-Matthews. “Worldwide demand for the Commonwealth’s life-science goods and services should grow as the population ages and as it grows wealthier. Moreover, this
demand is less affected by the business cycle than most other economic activity, and so the life-science sector provides a hedge against recession.”
Massachusetts Life Sciences Center officials said the report proves the Bay State's strategy of cultivating life-science sector growth is yielding strong results.
“While some states are still following the old-school model of trying to attract businesses by offering tax incentives and subsidies, Massachusetts has followed a smart, innovative strategy,” said Bruce Katz, vice president, Brookings Institution and co-director, Brookings Metropolitan Policy Program. “Governor Patrick’s life-science initiative is the kind of strategic investment that builds on the commonwealth’s assets and sets a platform for sustainable growth. By focusing on the entire life sciences 'ecosystem,' Massachusetts has attracted pharmaceutical companies and medical device manufacturers not simply to be near the state’s universities and teaching hospitals, but to have a front-row seat when it comes to acquiring smaller firms with new innovative products and therapies. As a result, Massachusetts now has more bioscience jobs per capita than any other state in the nation.”
The data indicates Massachusetts now has nearly 180,000 jobs in the life-science sectors and supplying industries, including 113,000 direct jobs in the life-science sectors and an additional 66,000 jobs in industries that supply the life-sciences. When taking population into account, this puts the Massachusetts at the head of the list, with the commonwealth employing 1.8 times more people per capita than California and 2.3 times the number in New York.
“This study shows how important the life sciences sectors have become to the Massachusetts economy, and the importance of the investments we have been making for the past six years in the growth of our life-sciences ecosystem,” Senate President Therese Murray said.
The industry sectors targeted for investment by the Massachusetts Life Sciences Center (MLSC), the agency charged with implementing Massachusetts' 10-year, $1 billion initiative have been growing rapidly, enjoying 17.5 percent growth since 2006. That's compared with 1.4 percent job growth over that time in the overall state economy, the researchers said.
"As of 2014, all ten of the top 10 major drug companies in the world have set up shop in Massachusetts," Barry Bluestone, Dukakis Center Director, said in a statement. "Why? Because they wanted a front row seat to acquire small life science firms and their discoveries. And what helped make this possible? Small life-sciences firms received support from the MLSC [Massachusetts Life Sciences Center] in the form of accelerator loans, research and development funds, and interns that help them translate their ideas into commercially viable products."
The study was conducted through the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University and authored by Bluestone and Alan Clayton-Matthews.
“Long-term prospects for life-science employment in Massachusetts are excellent,” said Clayton-Matthews. “Worldwide demand for the Commonwealth’s life-science goods and services should grow as the population ages and as it grows wealthier. Moreover, this
demand is less affected by the business cycle than most other economic activity, and so the life-science sector provides a hedge against recession.”
Massachusetts Life Sciences Center officials said the report proves the Bay State's strategy of cultivating life-science sector growth is yielding strong results.
“While some states are still following the old-school model of trying to attract businesses by offering tax incentives and subsidies, Massachusetts has followed a smart, innovative strategy,” said Bruce Katz, vice president, Brookings Institution and co-director, Brookings Metropolitan Policy Program. “Governor Patrick’s life-science initiative is the kind of strategic investment that builds on the commonwealth’s assets and sets a platform for sustainable growth. By focusing on the entire life sciences 'ecosystem,' Massachusetts has attracted pharmaceutical companies and medical device manufacturers not simply to be near the state’s universities and teaching hospitals, but to have a front-row seat when it comes to acquiring smaller firms with new innovative products and therapies. As a result, Massachusetts now has more bioscience jobs per capita than any other state in the nation.”