Industry investment on track for another record-breaking year
BOSTON- MassBio has released its 2021 Industry Snapshot, which shows incredible growth across the life sciences industry and also reveals forthcoming opportunities and challenges. Key findings from the report include:
- Massachusetts-headquartered biopharma companies raised $4.3 billion in venture capital funding in the first quarter of 2021, already nearing the industry’s peak of $5.8 billion in 2020
- In the first half of 2021, there have been 10 IPOs from Massachusetts-headquartered biopharma companies, raising a total of $2.1B in IPO offerings
- Lab space in Massachusetts has increased 117% over the last 10 years; with an additional 4.8 million square feet added in the last year
- In 2020, biopharma employment grew by 5.5% to a total of 84,296
- With nearly 20 million square feet of new lab and biomanufacturing space projected to be built in the next four years, Massachusetts may need nearly 40,000 net-new employees by 2024
“Strong and continued investment in the life sciences allows biopharma companies to conduct game-changing research in an attempt to address patients’ greatest unmet medical needs,” said Kendalle Burlin O’Connell, President and COO, MassBio. “At the same time, this growth is creating amazing opportunities for our state’s economy and residents. But we’ve reached an inflection point in Massachusetts – we must focus on expanding Massachusetts’ biopharma footprint beyond Boston/Cambridge, developing new biomanufacturing facilities, and recruiting, retaining, and educating the next generation of skilled talent to ensure Massachusetts remains the best place in the world for the life sciences.”
