$6.3B in investments are woven into economic fabric of the region
The Greater Philadelphia Region (GPR) is positioned to lead the next stage of disruption within the spectrum of Life Sciences disciplines, thanks to its world-renowned research institutions, top biomedical programs, and a healthy ecosystem of small and large enterprises and investment activity. A new study, the Greater Philadelphia Life Sciences Report, the jointly produced by Ben Franklin, BioAdvance, CEO Council for Growth, the Chamber of Commerce for Greater Philadelphia, EY, Life Sciences PA, the Greater Philadelphia Alliance for Capital and Technology (PACT), Philadelphia Works, Select Greater Philadelphia Council, and the University City Science Center, in collaboration with IHS Markit, explores Greater Philadelphia’s Life Sciences footprint and investment activity over the last five years and details the key findings that characterize the sector’s evolution in the region.
As previewed at PACT’s Impact 2016 event in November, the Greater Philadelphia Life Sciences Report details investments in Life Sciences companies from 2011 through the first half of 2016 and explores how the payoffs from those investments have been woven into the economic fabric of the region. It speaks to how the long-standing and continued importance of Life Sciences in the region is producing a broad range of sustainable employment opportunities and is increasing the importance of this sector to our export profile.
Report highlights include:
• 1,200 establishments in the Life Sciences
• Leadership in the fields of cell therapy, gene therapy and gene vaccines
• 48,900 direct jobs
• 6 medical schools (including 4 NCI-designated Cancer Centers) and 10 medical centers
• $1B in NIH funding
• >5,400 life science-related patents since 2010
• $6.3B in investment in regional companies
• $24.6B in real output (in constant 2010 dollars), 4% of the GPR’s total
About the contributors:
Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage capital provider for the region’s technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region’s technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
BioAdvance is a $50 million early stage life sciences fund, working with e