Banker & Tradesman: Life Science Expansion Favors New Markets

Sep 07, 2023

The following is an excerpt from a story that appeared in Banker & Tradesman:

Massachusetts life science industry is expanding into new submarkets and creating fast-growing job clusters from Boston to Worcester despite a more challenging funding climate.

Venture capital funding dipped 30 percent from the previous year to $3.7 billion in the first half of 2023, but Massachusetts’ leading share of the national VC pipeline increased to 32 percent, up from 26 percent in 2022.

Companies outside of Cambridge received 55 percent of all VC funding, led by Boston, Waltham and Watertown.

“The industry in the Commonwealth is regionalizing and diversifying,” MassBio CEO Kendalle Burlin O’Connell said in a statement accompanying the industry organization’s annual Industry Snapshot report. “While seed fundings may be down, homegrown companies are still seeing their science funded in series A [rounds] and beyond and doing so in many cases outside Boston and Cambridge.”

The industry generated $21.8 billion in wages at average annual salaries of $191,146. The job pool rose nearly 7 percent to 113,994.

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