A 2005 study of the Greater Philadelphia life sciences cluster found the sector accounted for more than 11 percent of employment and nearly 13 percent of total earnings in the region. Measuring that strong base, which ranked third among benchmarked metropolitan regions nationwide behind Boston and Greater San Francisco, is crucial to planning for the future.
That sentiment is so strong throughout the region that several organizations that support Greater Philadelphia life sciences–like BioAdvance, Greater Philadelphia Life Sciences Congress, Pennsylvania Bio, and Select Greater Philadelphia–are collaborating to sponsor a new research study of the region’s cluster. The study, performed by The Milken Institute, will be presented at the 2009 BIO International Convention on May 19.
More than assessing Greater Philadelphia’s position in the life sciences industry and the cluster’s impact on the region, this year’s study will serve as a framework for an overall regional strategy in the sector, which has created thousands of jobs and contributed billions to the tax base.
The study promises to identify industry strengths and specializations, identify industry assets, and assess the growth of life sciences establishments. The study will also look at the role of entrepreneurship, new businesses and corporate giving programs within the sector.
“Spanning from its world-renowned academic research institutions to its successful global life science companies, the region is delivering on the promise of improving human health from scientific discovery to commercialization,” says Tom Morr, President and CEO of Select Greater Philadelphia, a private, non-profit economic development marketing organization.
Source: Tom Morr, Select Greater Philadelphia
Writer: Joe Petrucci
To receive Keystone Edge free every week, click here.