The following are excerpts from a GBH News story published on August 26, 2025:
The current outlook for Massachusetts biopharma — one of the state’s signature industries — is gloomy after several years of slowing growth, largely due to federal cuts and investor wariness, according to a report released Tuesday from the industry group MassBio.
Industry leaders had hoped for a rebound in funding and investor activity that didn’t materialize in 2024 and the industry continues to contract in 2025, the report said.
The current turbulent environment includes shifting tariffs, funding cuts and major shakeups at two key federal agencies — the Food and Drug Administration and the National Institutes of Health. The industry also is worried about losing ground to China.
“Uncertainty has replaced cautious optimism,” Kendalle Burlin O’Connell, MassBio CEO, said in the 31-page report, “People are out of work, runways are shortening, and patients are still waiting.”
Despite the current pessimistic picture, Burlin O’Connell said she’s confident the industry will rebound.
“I have full faith that when the dust settles, it is the Commonwealth of Massachusetts that will lead the way back. We’ve done it before. We’re trying like hell to do it again.”