Worcester Business Journal

36 2022 Economic Forecast • Worcester Business Journal • www.wbjournal.com B I O T E C H Mass. biopharma industry swells with Worcester topping charts A burst in the Massachusetts biophar- maceutical industry over the last year has dilated the sector's employment and real estate demand, with projections of even greater growth in the next few years, according to a report released in August from the Massachusetts Biotech- nology Council. Worcester County was the third fastest growing county in the state for research and development jobs, expanding 4.6% to 2,055 jobs in 2020, per the report. From 2019 to 2020, Worcester County saw a 7.9% increase in biomanufacturing jobs, making up almost a quarter of the state's jobs in that industry. e report also said UMass Medi- cal School in Worcester won the most funding of all higher education and research institutes in the state, receiving 349 awards for a total of $294 million in 2020. Additionally, Massachusetts add- ed nearly five million square feet of biomanufacturing and lab space over the course of last year, and another 20 million is forecast to be added by 2024. e new space will create a demand for 40,000 new employees, aer biophar- ma's employment rate grew 5.5% last year and marked a 92% increase over the last 15 years, said the report. Massachusetts Biotechnology Council, also known as MassBio, is headquartered in Cambridge, with its Central Massachusetts offices located in Worcester. Mass. biopharma industry funding spiked in 2020 e Massachusetts biopharmaceutical industry raised far more investment than ever before in 2020, coinciding with the coronavirus pandemic that shied an emphasis to potential lifesav- ing drugs, according to a report released in March. e state's biopharma industry raised $5.8 billion last year, having never raised Top biotech stories in 2021 more than $5 billion in any year, accord- ing to the Massachusetts Biotechnology Council, a Cambridge-based statewide industry group. e Massachusetts biopharma industry was so dominant nationally 41% of all biopharma venture funding went to industry firms based in the state. Most companies raising the highest levels of money were based in Boston, Cambridge or Waltham. None of the top 15 were outside the Route 128 belt, according to MassBio, and Cambridge firms alone made up 40% of venture capital funding in the state's industry, demonstrating how the booming in- dustry is so densely centered in areas like Kendall Square in Cambridge and the Seaport in Boston. e same goes for biopharma compa- nies that went public in 2020. Of the 21 industry IPOs, none were farther from Boston or Cam- bridge than Lex- ington, which is two towns over from Cambridge. IPOs boomed in the indus- try across Massachusetts last year, with industry companies in the state raising $3.9 billion by IPO last year, compared to $910 million the previous year. Central Massachusetts has been work- ing to gain a bigger share of the biophar- ma market, but the industry's largest players have so far been out of the reach of communities beyond Boston's more immediate orbit. e life science industry, a broader segment not necessarily dealing directly Bristol Myers Squibb's facility in Devens includes a new cell thera- py manufacturing center. PHOTO | COURTESY OF BRISTOL MYERS SQUIBB Small business owners: Maximize your margins in 2022! The Open for Business Program Open for Business Program supports small businesses and aspiring entrepreneurs with complimentary complimentary training and coaching on a wide variety of concepts. Self-Guided Online Workshops Live Webinars One-on-One Consulting Start growing your small business today! Contact: Start growing your small business today! Contact: Madison Wellman, Madison Wellman, Business Opportunity Specialist Business Opportunity Specialist mwellman@rcapsolutions.org mwellman@rcapsolutions.org (774) 239-9783 (774) 239-9783 VISIT THE OPEN VISIT THE OPEN FOR BUSINESS HUB: FOR BUSINESS HUB: Email circulation@wbjournal.com for more information. WBJ Purchase a group subscription for your team or entire organization. Get access to WBJ for your entire team.

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