Massachusetts has seen a rise in biotech jobs not just in research and development, but also in manufacturing.
The state says it has improved its position “as a nation-leading biotechnology cluster”.
“Despite the difficult economy, we continue to be the top choice for biotech and pharmaceutical companies looking to discover the latest cures and therapies, and the top choice for the people who invest in those companies,” said Robert K. Coughlin, president and CEO of MassBio.
According to MassBio’s latest data, Massachusetts was one of just four states which added biotechnology manufacturing jobs in the last decade. Overall, Massachusetts has improved its position within the physical sciences, as defined by industry concentration, by 100%.
Venture capital figures have also held steady, with the first two quarters of investment in 2010 reaching an historic high.
These statistics, showcased in the MassBio Industry Snapshot, are compiled annually by MassBio from sources including the U.S. Bureau of Labor Statistics, the Quarterly Census of Employment & Wages and others.
Additional highlights include:
- Massachusetts biopharma industry employment reached an all-time high in 2009, continuing the industry’s six year pattern of growth, and now accounts for $4.2 billion in payroll.
- Between 2005 and 2009, Massachusetts biotech jobs grew 19.7% compared with 5% job growth for all jobs in the state.
- R&D employment in Massachusetts grew at a greater rate than in any competitors states during the past two years.
- Massachusetts received 26% of all U.S. biotech venture capital investment in Q1 and Q2 2010.
- Companies headquartered in Massachusetts have commercialised 141 products that treat 90 different medical conditions. Together, these conditions have U.S. patient populations totaling over 160 million people.
Related posts: