The following is an excerpt from a State House News Service article that originally published on October 2, 2024:
The biopharma industry contributed about $35 billion to the state’s GDP in 2022, according to the report. MassBio says the $1 billion in projected GDP growth from 2025 to 2030 stems from “additional new investments, job creation and infrastructure,” including investing in local biomanufacturing.
CEO Kendalle Burlin O’Connell told the News Service the group has been urging lawmakers to agree on a single bill based on legislation that cleared each branch. House and Senate lead negotiators have said they expect to reach a deal on the economic development package and resolve differences over the size and timeline for the reauthorization of the life sciences initiative (LSI).
Burlin O’Connell said the report’s goals “really go hand in hand with the life sciences initiative and the framework that the administration put forth in this third version,” with the first two versions occurring under Gov. Deval Patrick and then Gov. Charlie Baker.
“How do we continue to support those early-stage innovators so they use Massachusetts as a location to start and then they continue to pick Massachusetts as the place that they will continue to grow and scale their company? Those are focus areas of our report — that was also a focus area of the governor’s and Secretary Hao’s LSI framework to help with some of those early-stage grants,” Burlin O’Connell said. “When we’re thinking about recruiting and retaining talent in the next growth area for the industry, TechBio, that was also a significant carveout in the plan.”
Read the full story at statehousenews.com.