MassBio releases Industry Snapshot, Reveals Strong Performance in Massachusetts-Headquartered BioPharma Companies
Companies headquartered in the state raised the fourth highest annual total in the first half of this year.
The Massachusetts Biotechnology Council (MassBio®) today released its 2022 Industry Snapshot, which shows growth across the life sciences industry in 2021 in both workforce and real estate. Venture capital (VC) funding of the biopharma industry remains strong in 2022 despite a downturn in biopharma stock valuations, with the first six months of the year boasting $5 billion invested in Massachusetts-headquartered biopharma companies. Companies located outside of Cambridge, in communities such as Waltham, Bedford, and Watertown, received 57 percent of these investments (up from 42 percent in 2021).
The biopharma research & development (R&D) workforce exhibited 17.2% year-over-year employment growth, second only to California. Meanwhile, the regional expansion of the biomanufacturing industry has led to significant year-over-year employment growth compared with competitor states, growing 15.2 percent between 2020 and 2021. With 1.7 million square feet of Good Manufacturing Practice (GMP) under construction in Massachusetts, this trend is expected to continue.
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