Editorial: Keep life sciences as a cornerstone of economic development
The life sciences industry is in the middle of a rough patch. Following a frenzied expansion in the wake of the COVID pandemic, the industry centered around the Cambridge-Boston global hub is experiencing a right sizing, leading to layoffs and vacant lab spaces, particularly in Eastern Massachusetts.
Norfolk, Essex, Middlesex, and Suffolk counties saw a combined loss of 556 biomanufacturing jobs in the sector between 2022 and 2023, according to the 2024 Industry Snapshot released by the Cambridge-based Massachusetts Biotechnology Council in late August. Suffolk County, in particular, saw a 30% reduction in workforce. At the same time, the vacancy rate in lab space is 16% statewide, which is an all-time high, according to MassBio. That figure does not include partially completed lab buildings built on spec, which the market has little appetite for absorbing anytime soon. One of the report’s few bright spots showed Worcester County adding 279 biomanufacturing jobs.
Despite those gains, the overall life sciences slowdown must be disheartening to Central Massachusetts developers and economic officials, who foresee the industry as a growing cornerstone of the region’s future economy. Large development projects centered around the life sciences industry remain in various stages of completion in Worcester, Devens, and Marlborough, and incubators like Massachusetts Biomedical Initiatives in Worcester and ABI-LAB in Natick are working to develop the industry’s entrepreneurial ecosystem. The $300-million WuXi Biologics project, yet to open in Worcester, remains clouded by federal legislation putting constraints on the firm’s ability to do business in the U.S.
Despite the headwinds, those championing future life sciences growth in Central Massachusetts are on the right path and should continue working to promote development opportunities in the region. The industry would be an outgrowth of the two cornerstones of the region’s economy: manufacturing and health care. Even with the current market correction, the Cambridge-Boston will maintain its position as the global hub of bioscience innovation, and all the research-and-development work in Eastern Massachusetts easily translates into biomanufacturing facilities and jobs in Central Massachusetts, where real estate is cheaper and manufacturing is an historic strength. More than two-thirds of respondents to a WBJ Sept. 9 online poll see long-term life sciences growth here, even if it takes longer than hoped.
All industries go through cycles, and the life sciences sector is in the midst of a down cycle. Yet over time, life sciences remains on an historic growth trajectory, and Central Massachusetts business and development officials need not waver from their commitment to seeing that growth continue here.
This editorial is the opinion of the WBJ Editorial Board.
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