We are thrilled to share this exciting news with you. Earlier today, Governor Charlie Baker announced he will be filing legislation to establish the next phase of the life sciences initiative with a new 5 year, $500 million investment. As the original 10-year, $1 billion program expires next year, this action is critical to the continued success of the life sciences industry in Massachusetts, and to patients around the world who continue to seek new treatments and cures they need and deserve.
As noted by the Governor’s office, the focus of this next phase of the life science initiative will include strengthening investments in human capital to fortify the state’s skilled workforce pipeline, expanding opportunities for companies to access both private investment capital and dynamic public infrastructure resources, developing new scientific innovations that deliver higher outcome, affordable therapies to patients, and leading the convergence revolution in digital health, biopharma, medical devices and engineering.
Over the last nine years the life science initiative and the Massachusetts Life Sciences Center has cemented Massachusetts as the life sciences leader nationally and across the world. In Cambridge and Boston we have the best, most dense biotech cluster in the world. In Worcester, we have a cluster which can stand on its own as one of the biggest in the country. And in the northern and southern parts of the state, jobs in the life sciences are growing faster than anywhere else in the state. With a $147,000 average salary, $9 billion in total payroll, and an expected 11,600 new jobs over the next five years, the life sciences is a huge economic engine for this state. With today’s announcement, we know that companies will continue to come and expand in Massachusetts for years to come and make our economy grow.
Most importantly, the continuation of the life sciences initiative ensures that patients across the world will continue to receive the breakthrough cures and treatments that are being developed every day in Massachusetts.
Today’s an exciting day for Massachusetts. We’re thrilled to be part of it.