Life sciences sector generates $88B in Pa. economy

KPMG’s study of the life sciences sector in the state of Pennsylvania revealed that life sciences generated $88.5 billion for the state in 2016 and supported more than 340,000 jobs.

The study, which was revealed at Life Sciences Pennsylvania’s annual conference, focused specifically on companies that specialized in human health.

“This report reinforces our optimism about the future of the life sciences in Pennsylvania,” said Christopher P. Molineaux, President and CEO of Life Sciences Pennsylvania in a Philadelphia Business Journal article. “We have a successful track record in securing prized federal funding, a talent pool second to none, and better proximity to capital and regulatory agencies and a low‐cost structure, in comparison to our competitor states.”

Philadelphia is a national leader in clinical trials, a pioneer for personalized medicine, and one of the largest life sciences hubs in the world; 80% of U.S. pharmaceutical and biotech companies have a presence in the tristate region.