Massachusetts is known throughout the world as a leader for its support of innovation across the spectrum. From major academic medical institutions and renowned hospitals to biotechnology startups, the region is a center of sophisticated scientific talent. Massachusetts sets the bar high when it comes to the biopharmaceutical industry investment, and hubs based in the Commonwealth help support some of today’s most advanced medical research.
This didn’t happen by accident. The very existence of Massachusetts as a life-sciences hub is the result of intentional work done by various stakeholders, including venture capital managers, who constructed an environment to encourage and reward impactful research and development. For these reasons, America’s biopharmaceutical companies have chosen to invest heavily in Massachusetts, and today, the biopharmaceutical industry supports more than 300,000 jobs and more than $79 billion in economic output across the Bay state’s economy.
“When I first came to Boston 20 years ago, the biotech industry was just getting up and running,” says Dr. Emma Lees, vice president of oncology discovery and head of R&D at Bristol-Myers Squibb’s Cambridge facility (BMS). “When I came back to the area four years ago, the density and critical mass of biotech and medical research was absolutely astounding. You couldn’t find a more amazing place to be.”