Recently, the Boston Business Journal analyzed company SEC filings to identify the fastest growing public companies between 2014 and 2016 that are based in Massachusetts. Incredibly, 9 of the top 10, and 24 of the top 50, are life sciences companies. As the BBJ notes, this is the third year in a row that life science companies have led the rankings. Congratulations to the 21 MassBio members who are on this list (full list of those members is below.)
This news is notable for a couple of reasons: 1) it is further proof that the life sciences industry is a leading driver of the state’s economy; and 2) it is another example of how the state’s investment in the industry through the Life Sciences Initiative has created an environment where companies can grow and prosper.
In a state with the 2nd highest median income, the life sciences industry’s wages and total payroll across Massachusetts are remarkable. Against the median income of $66,000, the average biopharma employee is making over $147,000 a year. More importantly, the more than 63,000 people in the biopharma sector here receive more than $9 billion a year in total payroll. This represents a major economic engine for Massachusetts — and the impact is felt statewide with strong and growing clusters in Worcester, and the northeast and southeast parts of the state. Of note, as the recent MassBioEd 2017 Job Trends Report notes, the highest rates of growth in the life sciences industry are in areas outside of Cambridge and Boston.
In addition, regardless of whether any of the companies included in this report received incentives from the state, it’s clear that the on-going public-private partnership and strong support from our political leaders across the state has created an environment where life science companies want to be located. As we often say, businesses and people do not come to Massachusetts for the weather or the traffic. They come here because of our unique mix of talent, researchers, funding, and a stable, supportive political environment. With Governor Baker’s recent announcement of a continued state investment in the life sciences industry, we are confident this will be true for years to come.
The BIO International Convention is coming to Boston in June 2018. As the BBJ story shows, Massachusetts can rightly say that we are the best place for life sciences in the world and the possibilities here are infinite.
MassBio Members Included on Boston Business Journal’s “Fastest Growing Companies in Massachusetts”:
- Idera Pharmaceuticals Inc.
- T2 Biosystems Inc.
- Eleven Biotherapeutics Inc.
- Bioverativ Inc.
- AMAG Pharmaceuticals Inc.
- Dimension Therapeutics Inc.
- Ironwood Pharmaceuticals
- Agenus Inc.
- Vertex Pharmaceuticals
- Selecta Biosciences Inc.
- Ocular Theraoeutix Inc.
- Momenta Pharmaceuticals
- Abiomed Inc.
- Foundation Medicine Inc.
- Acceleron Pharma Inc.
- Vericel Corp.
- Enanta Pharmaceuticals Inc.
- Repligen Corp.
- Juniper Pharmaceuticals
- Proteostasis Therapeutics Inc.
- Merrimack Pharmaceuticals