CREW Boston hosted a terrific luncheon Tuesday, May 17
th, featuring Kendalle Burlin O’Connell, Esq., President and COO of MassBio who gave a State of the Market on Life Sciences in Massachusetts. During her presentation, Kendalle shared how far the industry has come while also discussing the challenges and opportunities it faces.
Since the Massachusetts Life Sciences Initiative was passed in 2008, there has been huge growth and development in the industry. Eighteen of the top twenty Biopharma companies now have a physical presence in Massachusetts. These companies have had a tremendous economical impact, creating over 21.6 million square feet in lab space over the last ten years as well as creating substantial job growth. With over 84,000 people now working in the industry, Massachusetts is the best place in the world for life science companies. As Kendalle explained, “Boston/Cambridge remains the nation’s top biopharma cluster, thanks to number-one rankings in NIH funding (6,552 awards totaling $3.711 billion), reflecting its critical mass of world-class universities and research institutions; and lab space (35.2 million square feet, according to CBRE), reflecting a wave of corporate activity. The region is second in patents (9,099) and VC ($10.113 billion in 2019 and 2020).” Undoubtedly, the life science industry will continue to be a cornerstone of Massachusetts's economy.
After her presentation, CREW Boston President Kerry Hawkins joined Kendalle and Melissa Tintocalis, Economic Development Director with the Town of Burlington, for a lively fireside chat discussing what municipalities are doing in building “scaffolding” to support future growth.
The biggest takeaways from the event included:
- Massachusetts is the BEST place in the WORLD for life science companies.
- Massachusetts has the MOST ROBUST early-stage ecosystem - it's our special sauce.
- 18 of the 20 largest pharmaceutical companies in the world have a physical presence in Massachusetts.
- We make the impossible possible – over 90% of companies in this industry fail. “If you think failure is hard, try success.”
Here's to continued public and private investment in our life science ecosystem and creating the scaffolding for our scientists to solve problems and improve outcomes.
