The search for improved pharmaceuticals, advanced biotechnology, and cutting-edge medical devices has led to a surge in the number of life science companies across the country. The United States is currently home to more than 3,000 biotechnology businesses, and biotech industry jobs have been growing steadily for more than a decade. According to the U.S. Bureau of Labor Statistics (BLS), the Biotech Research & Development (R&D) industry experienced an 11.5 percent growth from January 2021 to January 2022.
In Massachusetts, the life sciences industry has surpassed California as the number one hub in the world. The Kendall Square area of Boston, dubbed the “center of the nation’s biotechnology industry,” contains more than 120 life science companies. Pharma giants, such as Biogen, Shire and Takeda, are headquartered in Boston along with many smaller biotech companies and start-ups. Moreover, Massachusetts remains the top NIH-funded state per capita, with $3.3 billion, which is more than nine percent of all NIH funding.
Worcester County is also carving a niche in the life science space with more than 60 biotech companies in the area, and 13 colleges and universities, including UMass Chan Medical School and Worcester Polytechnic Institute (WPI), feed the pipeline. Furthermore, AbbVie’s Bioresearch Center complements R&D facilities in Cambridge and the Boston area, making Massachusetts one of the greatest life science clusters globally.
The core of the Massachusetts life science industry depends on its R&D workforce, which has contributed to significant economic annual growth when compared with competitor states. MassBio, a trade organization that aims to eliminate barriers, solve problems, and advance Massachusetts as a leader in the life sciences industry, reports that in 2021, biopharma employment in Massachusetts grew by 13.2 percent.
As life science becomes a vital industry contributing to the nation’s healthcare future, recruiting and retaining talent can be problematic due, in part, to inadequate benefits packages. To compete with larger, well-established biopharma companies, these small businesses require the support and resources that an experienced, knowledgeable insurance broker can provide.
Marsh McLennan Agency (MMA) provides business insurance, employee health & benefits, retirement, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 9,000 colleagues and 170 offices across North America, nine throughout New England, MMA is the seventh largest agency in North America and represents 1,700 life science clients across the country.
MMA understands the nuances of the life sciences industry and the many challenges early-stage life science companies face, compared to larger, established companies. Their extensive benchmarking capabilities and pulse surveys provide industry specific data and identify the evolving market trends. MMA’s unparalleled knowledge within the life science industry and their strong carrier partnerships provide early-stage companies the confidence that they are offering market competitive benefits.
To address this inequity, MMA partnered with MassBio to create RevHR, an HR outsourcing program specific for fast-growing and emerging life science companies. RevHR allows life science companies to offer their employees a variety of employee benefit plan options, human resource support, payroll services, and access to innovative technology. By outsourcing the administrative task, growing life science companies can focus on their evolving business needs.