This year’s Industry Snapshot includes expanded data on biopharma employment, investment, drug pipeline, and real estate. We also feature commentary from industry leaders.
Industry Snapshot Highlights:
- 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.
What they’re saying:
“MassBio’s 2023 Snapshot outlines what we have long known to be true – Massachusetts is the global epicenter of the life sciences industry. We are the home of life-changing innovation because we have recognized the unique opportunity to harness the incredible talents and resources that we have here, and back them with real investments.”Governor Maura Healey