For optimal experience, please use the up and down arrow keys to navigate through the report.
Highlights:
- Massachusetts added almost 3,000 net new jobs in the biopharma industry in 2023, accounting for nearly 17% of overall job growth in the state.
- The commonwealth’s R&D workforce grew by 3.7%, even as the national R&D workforce decreased by 0.5%.
- In the first half of 2024, Massachusetts-based companies announced a total of $3.26 billion in VC funding, constituting 21% of national VC dollars.
- Of the state’s VC funding, an unprecedented 65% was invested in companies located outside of Cambridge in cities such as Boston, Waltham, and Watertown.
- In M&A activity, $28.9 billion was spent acquiring 17 Massachusetts companies in the first half of 2024 – nearly triple the dollar amount of last year.
- Massachusetts’ drug development pipeline comprises 15.2% of the nation’s pipeline, up from 14.9% in last year’s report.
What They’re Saying:
“Massachusetts is the global hub of the life sciences, and the biopharma industry is a major driver of our economy. Advancing innovation in health care is what the Commonwealth does better than anywhere else in the world because of the people, institutions, and companies that call Massachusetts home.”
Massachusetts House Speaker Ron Mariano