Life Sciences Yields $24.6 Billion for Greater Philadelphia

The Greater Philadelphia Region 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 shows.

The Greater Philadelphia Life Sciences Report, the joint study by Select Greater Philadelphia Council and many regional partners, 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.

The report examines 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.

“This collaboration among regional organizations shows the enormous strength of life sciences within Greater Philadelphia,” said PACT President and CEO Dean Miller in the press release. “This report provides insights into the immense innovation and breakthrough discoveries that are coming out of the 11 counties, proving our region to be a global leader in life sciences.”

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, 7 medical schools and 10 medical centers, $1 billion in NIH funding, $6.3 billion in investment in regional companies, and $24.6 billion in output, 4% of the region’s total.