Worcester Business Journal

14 2016 Economic Forecast www.wbjournal.com Worcester Business Journal M a n u f a c t u r i n g & T e c h n o l o g y A t t o r n e y s & B u s i n e s s A d v i s o r s W W W. D A R R O W E V E R E T T. C O M deal·mak·ers ˈdēlˌmākər/ noun 1. (See DarrowEverett L L P) R H O D E I S L A N D | M A S S A C H U S E T T S | N E W Y O R K PLAN WISELY. INVEST CONSERVATIVELY. LIVE WELL. 370 MAIN STREET, SUITE 1000, WORCESTER, MA 01608 | 508.753.8807 Securities and advisory services offered through Commonwealth Financial Network ® , Member FINRA/SIPC, a Registered Investment Adviser. Worcester-area residents have been entrusting Bartholomew & Company to guide their financial lives since 1994. As one of the region's premier wealth management firms, our approach pairs a conservative investment philosophy with time-honored investment strategies to address every element of your financial picture. For a personalized plan to help you enrich your lifestyle and legacy, partner with the experts who are right in your own community. Call us for a complimentary consultation at 508.753.8807, or visit www.bartandco.com. WEALTH MANAGEMENT TO REALIZE YOUR VISION funds. The organization has used those funds to expand life sciences infrastruc- ture, boost education and encourage businesses to settle in the state. For every $1 the life sciences organi- zation has expended, $3.2 of private funds have been invested. The goal of the agency in this first phase was to establish Massachusetts as a leader in the industry, and the state has risen to that goal – leading the country in per-capita employment in the indus- try. According to the U.S. Bureau of Labor Statistics, Massachusetts' biophar- maceutical jobs reached 60,459 in 2014, up from 43,904 in 2005. The Life Sciences Center has been credited with assisting in the growth of the biotech industry in the state, dolling out over nearly $140 million in grants through- out Central Massachusetts. "The really powerful ability through the center is to use the density of life sci- ences activity in Boston and Cambridge to radiate out into Central Massachusetts," said McCready, who formerly was vice president of the Boston Foundation and executive direc- tor of the Kendall Square Association. "You're starting to see that uptick in activity in the Worcester area with folks like AbbVie coming into the area." When it was spun off from parent company Abbott Laboratories in 2012, AbbVie placed an emphasis on a Worcester lab with more than 700 employees working on both clinical trial drugs and new molecules. The facility was originally built by BASF, which opened the lab in 1989. This is one example of how Worcester has estab- lished itself as a major hub of the Massachusetts life sciences industry, with academic institutions and nearly 100 companies, said Kamal Rashid, director of WPI's Biomanufacturing Education & Training Center (BETC). "The (Life Sciences) Center's invest- ments in our region have been smart and effective," Rashid said. "They have supported important capital projects, like WPI's BETC, and also helped sev- eral smaller companies with either direct support or funding interns to work in their labs." M evion Medical Systems of Littleton is set to receive up to $200 million in financing as part of a joint venture in China. The radiation therapy company announced in August plans form a joint venture in the world's most popu- lous nation to produce, sell and service proton therapy systems for the Chinese market. The partnership with HOPU Investments, YuanMing Capital, other Chinese investors, as well as existing investors, will also net the company up to $200 million in the investment agreement. "Proton therapy is an increasingly significant treatment modality for can- cer centers around the world, and we see real value in advancing accessibility to this important therapy in China and elsewhere," Sunny Li, senior managing director and head of technology invest- ments of HOPU Investments, said in a statement. The financing will help accelerate Mevion's global expansion plans, according to the company. n Mevion to expand into China Source: The Manufacturing Institute 2015 report Internal training and development programs ..................................................... 94% Involvement with local schools and community colleges ................................. 72% External training and certification programs ...................................................... 64% Use of overtime ..................................................................................................... 58% Creation of new veteran hiring programs ........................................................... 49% Use of contingent labor (staffing agencies, etc.) ................................................ 48% Flexible work arrangements ................................................................................ 48% Outsourcing of certain functions ........................................................................ 43% Focused recruiting on specific workforce segments ......................................... 33% Considering a new geographic location within the U.S. .................................... 22% Considering a new geographic location in Mexico or Canada........................... 16% Considering a new geographic location overseas .............................................. 13% Involvement of labor unions .................................................................................. 9% Training the next generation Here's how manufacturing executives rated the importance of various techniques intended to mitigate shortages of skilled workers over the next decade, when an estimated 2 million U.S. manufacturing jobs will go unfilled due to a reported skills gap.

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