Biotechnology Does Create Jobs and MASS Effort pays Off

The MASS Biotechnology industry has crossed $6B as a 25 year effort beginning in 1985 with the MASS Biotechnology Council. Several major biotechnology companies were created around this time such as Biogen(BIIB)  and Vertex (VRTX) as well as major venture capital firms who invested $1B in 2011 and $8B since 2002. Several major pharmaceutical firms such as Abbott, Pfizer (PFE) and Sanofi have R&D labs in the region. R&D jobs in major firms including M&A have shifted from “in-house” corporate efforts to more boutique or partnering approaches involving smaller biotechnology companies. MA has now exceeded CA as the major employer in biotechnology (see biopharma industry snapshot). CA and MA are also the leading recipient of NIH grants and the industry is bolstered by universities focused in the life sciences.

 

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