Companies created nearly 3,000 net new jobs in the biotech field in Massachusetts in 2023
With layoffs at local biotech companies making headlines, industry insiders say companies are quietly hiring, too — enough to offset the layoffs and continue the field's growth in the Bay StateGreater Boston — particularly Kendall Square in Cambridge and more recently the Seaport District — has become a global leader in the biotech industry over the past decade and a half, but do the hundreds of local layoffs signify a threat to what has become a critical piece of Massachusetts'...
"While no one will ever say that 2023 was a banner year for this industry, what's great to show is that even for a down year for the biopharma industry in Massachusetts, we still added almost 3,000 net new jobs to the economy of Massachusetts," Head of External Affairs for MassBio Ben Bradford said in an interview with NBC10 Boston.
"We're at a really interesting inflection point in biotech," Boston Business Journal Executive Editor Doug Banks said."What we have now is a crop of biotechnology companies that have been growing along...They're at a time where if their drug doesn't pass the FDA, if it doesn't get an approval, then there's really no runway for them to move forward. And so you're seeing a lot of the job cuts.
"There's no reason to think that the biotech community here in Boston is not going to continue to grow," Banks said."It is growing. We are adding jobs. There are new companies." Secretary of the Executive Office of Economic Development under the Healey Administration Yvonne Hao explained that a lot of factors have come together to make Massachusetts such a dominant force in the field.Hao traced the massive growth in the local industry over the past decade plus to 2008, when former Governor Deval Patrick and his administration saw an opportunity amid a paralyzing recession.
"I think there was a lot of people who were very skeptical, and it was a big risk," Hao said."And what's amazing now is look, flash forward to where we are today. It really worked in so many ways, and it has been such a success story." Hao said there is a lot at stake on Beacon Hill with Healey's proposal to reauthorize the Life Sciences Initiative for another 10 years with another $1 billion in funding, a package she sees as critical in maintaining Massachusetts' position in the face of rising competition from other states.
"In Boston and Cambridge, we’re really the world leader in developing the recipe," Weaver said."Here in central Massachusetts, we have the opportunity to implement those recipes and be able to bring drugs directly to patients." Central Massachusetts has become a top 15 life science talent cluster in the U.S. independent of Greater Boston."These jobs can be really accessible — we’re working with a lot of our academic partners to create eight- to-10 week certificate programs that will allow new people to get into the industry," Weaver said.
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