CAMBRIDGE, MA (October 2, 2024) – MassBio today unveiled its five-year strategic plan, Vision 2030, a framework outlining a series of ambitious goals to further Massachusetts’ status as the world’s premier life sciences hub. Developed in close collaboration with industry leaders, the plan lays out a path to add up to $1 billion to the state’s GDP by the start of 2030, and to create hundreds more biopharma and life sciences jobs, among other initiatives.
“Massachusetts is home to the top life sciences ecosystem in the world, though even as the leader, we have incredible opportunities over the next several years to become even stronger in our drive to help patients in need,” said MassBio CEO and President Kendalle Burlin O’Connell. “Through Vision 2030, MassBio is providing a roadmap for supporting the diverse founders and promising startups that hold the keys to the next breakthrough in the treatment of disease. We are delivering a framework for ensuring that skilled talent remains the Commonwealth’s calling card. Deep collaboration brought us to our enviable position, and I look forward to building on those partnerships to launch our industry into the next decade.”
As the leading voice for the life sciences industry in Massachusetts, MassBio plays a unique role in supporting innovation and industry growth. MassBio enlisted McKinsey & Company in the development of this strategy to provide data, analysis, counsel, and deep expertise. Based on stakeholder engagement and a deep dive into global and local trends, MassBio identified four roadmap catalysts to drive new investments, job creation, and infrastructure, building upon existing programs and initiatives.
Early-Stage Catalyst: Supporting and Growing Early-Stage Biotechs
Biotech startups face increasing challenges in scaling their operations, raising pre-seed and seed rounds, and accessing operational capabilities and expertise. Vision 2030 proposes a plan of support for early-stage biotechs, with MassBio coordinating various programs that offer essential tools, operational support (through programs such as MassBioDrive), specialized services (such as clinical CROs and analytics), and key functional talent pools (such as regulatory, legal, or technology experts). This includes building a “startup in a box” for founders and developing a fully operational seed fund investment vehicle for alumni of the MassBioDrive program.
Funding Catalyst: Broaden and Curate Pool of High-Quality Investors
Biopharma remains a capital-intensive industry. To sustain and bolster a supportive investment environment into 2030, MassBio aims to diversify the industry’s investment base by creating additional platforms to connect startups to non-traditional investors, soften the industry’s steep learning curve for prospective investors, and bridge funding gaps for seed and early-stage biotech companies. Vision 2030 calls for plans to certify “BioReady” investors based on their understanding of biotech and adherence to relevant investment guardrails. The MassBio Align Summit, first held in 2023, is already a successful convening of start-ups and funders, and Vision 2030 calls for its expansion to attract more international investors.
Talent Catalyst: Future-Proof Massachusetts’ Life Sciences Talent Pool
Massachusetts recorded nearly 117,000 biopharma jobs in 2023, with the industry projected to grow by 32% by 2033. Recent changes across the industry have led to skills gaps that demand the development of new types of talent across the ecosystem. Vision 2030 lays out opportunities to develop workers for AI and digital innovation jobs (one-third of work hours in pharma could be automated by 2030, according to McKinsey) while also addressing a shortage in candidates from the entry-level on through to executive roles. This includes expanding the Bioversity workforce development program via regional “nodes” to provide skill-based drug development training based on regional needs and cultivating ‘rising star’ talent for leadership roles. Additionally, MassBio will look to partner with academic and industry stakeholders to enhance digital and tech fluency to meet the evolving landscape.
Social Impact Catalyst: Advocate for Life Sciences Ecosystem Needs and Priorities
Recent federal policy shifts emphasize the importance of balancing affordability with fostering innovation. Public perception of the biopharma industry remains a challenge due to a lack of understanding of the complex healthcare funding landscape and the drug development process. Vision 2030 recommends continuing to engage policymakers in dialogue that helps ensure Massachusetts remains attractive to life sciences companies, including collaborating with the Commonwealth to leverage the pending Life Sciences Initiative, showcasing the Massachusetts life sciences ecosystem to federal stakeholders, and building a coalition to support advancing the state as an epicenter for biomanufacturing. MassBio also plans to spearhead impactful storytelling campaigns centered around patient access and outcomes to move public sentiment on biopharma innovation.
“Vision 2030 will help position us to drive the future of life sciences innovation in Massachusetts for years to come, working in collaboration with our members, our state government, and our communities,” said Tamar Thompson, Vice President, Head of Corporate Affairs, Alexion, AstraZeneca Rare Disease and Chair, MassBio Board of Directors. “We’ll do this through advocating for policies that ensure access and opportunity for all patients and communities, supporting incentives that drive scientific innovation, and championing a vision for a more equitable healthcare system.”
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About MassBio
MassBio is the driving force behind Massachusetts’ life sciences ecosystem, supporting innovation and industry growth by offering best-in-class resources to over 1,700 member organizations at all stages of the biopharma lifecycle. Founded in 1985, MassBio aspires to extend Massachusetts’ impact as the global center of excellence in biomedical breakthroughs. Through strategic cost-saving initiatives, robust business partnerships, educational and networking opportunities, and proactive advocacy, MassBio empowers its members to launch the next generation of medical advancements to deliver the cures and therapies that enhance patient lives.