Mass. Biopharma Jobs Hit New High, Account For $6B In Payroll
Employment in the biopharma industry across Massachusetts, where the average salary tops $113,000, grew 1 percent last year to hit an all-time high of more than 53,000, according to a report released Thursday by an industry trade association.
The MassBio report found the industry's growth pattern continued for an eighth consecutive year and accounts now for more than $6 billion in payroll annually.
According to the report, jobs in biotech research and development grew faster in Massachusetts last year than in any other state. Also, while jobs in biopharma manufacturing have declined nearly 8 percent nationally since 2002, Massachusetts is one of only five states that have grown employment in that sub-sector over the past decade.
In a statement, MassBio President and CEO Robert Coughlin described the industry as "thriving" in Massachusetts "despite the economic downturn or the regulatory uncertainties the industry faces due to ongoing reform."
MassBio officials said the rate of biopharma job growth has slowed since the recession in 2009, but the industry is still growing jobs faster than the economy as a whole in Massachusetts.
The report found venture investment in Massachusetts biotech companies hit an all-time high in 2011 at $1.071 billion, contributing to more than $8 billion invested in the industry in Massachusetts since 2002.
MassBio partnered on its report with EvaluatePharma and looked back at 93 companies backed by venture over the last decade. They found that 40 remain venture capital-backed, 26 were acquired, 15 went to initial public offerings and 12 are defunct.
Image credit: FreeDigitalPhotos.net.
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