PHILADELPHIA, PA  – May 22, 2024 – More than 10 percent of the world’s cell and gene therapy companies are based in Greater Philadelphia, and the industry now employs more than 7,000 people in the region, a sign of the depth and breadth of this fast-growing industry, according to a study commissioned by the Chamber of Commerce for Greater Philadelphia (the Chamber).

The report, “Leading the Way: Cell and Gene Therapy in Greater Philadelphia,” is the most comprehensive regional snapshot of the industry sector and shows cell and gene therapy has become one of the most important economic drivers in the region over the past decade.

The report documents how the abundance of existing and emerging companies in the sector, top-flight research universities and a robust and world-class pool of industry talent have combined to create a synergy of discovery in the region, sparking a surge of financially successful economic activity and lifesaving treatments for a wide range of diseases.

“This report illustrates and amplifies what those of us on the ground see every day,” said Chamber President and Chief Executive Officer Chellie Cameron. “Greater Philadelphia is the top destination for those who wake with a mission to improve lives through cell and gene therapy treatments. This region offers everything that research companies and their researchers and their support teams would want, which is why we continue to make such great strides.”

The report was compiled by Ninigret Partners LLC, an economic research firm based in Rhode Island, and supported by a grant from the Knight Foundation. The findings will be used to inform community members, talent, policymakers and practitioners seeking to advance similar sector-specific growth strategies locally, nationally and internationally.

“As social investors, our goal is to identify and advance community trends, which is why we partnered with the Chamber for this study,” said John Churchill, Director, Philadelphia, Knight Foundation. “Greater Philadelphia is already a global leader in cell and gene advanced therapies and is poised to become one of the top innovation hubs in this field. This study aims to pinpoint the key factors and resources driving success.”

“Cell and gene therapy discovery began in Philadelphia 25 years ago,” said Claire Greenwood, Executive Director and Senior Vice President of Economic Competitiveness for the Chamber. “Today, the sector represents a mature ecosystem led by Greater Philadelphia’s world class life science industry, but with the support of a wide range economic drivers from across the region, including a trend of commercial success that has transformed our region.”

The full report can be accessed on the Chamber’s website. Highlights include:

  • Greater Philadelphia is now home to 60 of the estimated 500 cell and gene therapy companies worldwide, including five of the Top 100 “Companies to Watch.”
  • More than 7,000 people in Greater Philadelphia work in the cell and gene therapy field at institutions and cell and gene therapy companies.
  • Greater Philadelphia is ranked #2 in the country for NIH funding for cell and gene therapy (combined) and #1 for gene therapy. The Greater Philadelphia region has received more than $362 million in cell and gene therapy NIH funding since 2019.
  • The region is the (national/international) leader in translational science, and a Top 5 location for Phase I and II trials in both novel cell and gene therapies.
  • Two of the Top 10 largest holders of patents in gene therapy are in the region.
  • Since 2018, 547 life sciences companies headquartered in Greater Philadelphia have raised $18.7 billion in capital through venture capital, acquisitions, IPOs, licensing deals, and/or debt, with approximately $8 billion of that capital related to cell and gene therapy.

The Greater Philadelphia cell and gene therapy ecosystem has also seen additions to the core supportive infrastructure, including a Charles River CRADL facility, the entry of Mispro biotech services, the creation of the Cencora CGT Integration Hub, and the IBX Advanced Therapeutics Network.

In January 2019, the Chamber’s CEO Council for Growth and 11 partner companies, institutions and universities launched the Cell & Gene Therapy and Connected Health Initiative with the objectives of shared storytelling; development of critical infrastructure; talent assessment, attraction, and training; and building a scalable ecosystem, Greenwood said. “This study will continue to bolster the innovative and collaborative approaches that have been implemented as part of the Initiative,” she said.

###

About the Chamber of Commerce for Greater Philadelphia 

The Chamber of Commerce for Greater Philadelphia works together with members, investors, and stakeholders, to realize our bold vision: Greater Philadelphia is a top global destination for business and a leader in inclusive growth. As the metro-regional chamber of commerce serving the 11-county, tri-state Greater Philadelphia region, we are the premier organization to convene and connect business, government and civic leaders to drive economic growth and prosperity for all.

Media Contact: 
Shannon McLaughlin
smclaughlin@chamberphl.com
(215)-790-3782