Massachusetts is home to a biotechnology cluster that is second to none. Complementing its outstanding biopharmaceutical companies are 122 colleges and universities - over 40 of which offer advanced degrees in the life sciences, the top four National Institutes of Health-funded hospitals in the nation, and the highest educated workforce in the U.S. that offers unparalleled skills and productivity to employers.
Massachusetts biopharma employment grew by 4.2% in 2015, for total growth of 37% over ten years. Employment in the biopharma industry rose to 63,026 in 2015, approximately 2,500 jobs more than 2014, based on data from the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW).
Massachusetts also continues to far outpace the nation in biopharma manufacturing employment growth. In the last 10 years, Massachusetts biopharma manufacturing employment has grown by 33.6% to 10,616 jobs statewide. In the same time period, the United States lost 24,000 biopharma manufacturing jobs, a 7.9% decrease.
Funding & Capital
Seven of the top 15 NIH-funded independent hospitals are in Massachusetts.
Massachusetts is a small state relative to most leading NIH-recipient states. But, with its high number of research institutions, on a per capita basis Massachusetts continues to receive significantly more NIH funding as the next closest state.
Venture investment in Massachusetts rose to a record $2.1 billion in 2015, an all-time high.
Massachusetts receives 28% of all VC dollars in biotech in the U.S.
Forecasting Job Demand
MassBioEd published its first Annual Job Trends Forecast to project future job demand through May 2018. The report forecasts the total increase by May 2018 to be 4,325 new jobs, a 6.7% increase from May 2015.