Biopharma industry claims sector could grow Mass. economy by $1B over five years if stalled economic development bill is passed
Photos | courtesy of Rentschler Biopharma, Inc.
The Rentschler Biopharma facility in Milford is used to perform contract developing and manufacturing for other company's products, particularly pharmaceuticals.
The biopharma sector could grow the state's GDP by $1 billion over the next five years, though the head of an influential trade group says that boost is contingent on the Legislature approving public aid for the life sciences that's hung up in a stalled economic development bill.
MassBio, in its 2030 strategic plan released Wednesday, highlighted the industry's projected impact while identifying "opportunity areas," including strengthening investments in early-stage biotech startups, recruiting and retaining talent, making Massachusetts a hub for "TechBio," and growing the state's biomanufacturing industry.
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."
The report describes TechBio as a collaboration across tech and life sciences, with a blend of AI, machine learning and automation, saying it "can accelerate drug discovery via AI, enhance efficiency in clinical trial operations, and enable more precise diagnostics."
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