With 15 percent of all economic activity and one of every six jobs associated with the life sciences industry, Greater Philadelphia is among the nation’s leaders in the sector. The sector’s reputation and impact in the region have also strengthened during the recession.
A comparative study conducted by the Milken Institute and sponsored by several organizations that support life sciences in the region was released at the Biotechnology Industry Organization (BIO) Convention on Tuesday in Atlanta, Ga. “The Greater Philadelphia Life Sciences Cluster 2009: An Economic Assessment” found Greater Philadelphia surpassed San Francisco for the No. 2 spot behind Boston for current impact in its overall composite index.
“The findings also reinforce our belief that there are additional opportunities for regional partners to leverage Greater Philadelphia’s resources, to create new businesses that foster medical innovation and at the same time contribute to a strong regional economy,” says Barbara S. Schilberg, managing director and CEO of BioAdvance.
Growth was attributed to the region being a center for the U.S. pharmaceutical industry and its research infrastructure, which includes some of the nation’s top-ranked universities. Advances in biotechnology research and development and continued top-tier performance in health care services and life science-supporting industries strengthened Greater Philadelphia’s position on the index.
The study, sponsored in part by BioAdvance, Pennsylvania Bio, Greater Philadelphia Life Sciences Congress, and Select Greater Philadelphia, updates findings made in 2005 and will be used to fuel further development and expansion of the sector.
Source: Barbara Schilberg, BioAdvance
Writer: Joe Petrucci
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