Opinion: Life sciences has grown; here's hoping for more
Massachusetts long ago planted the seeds for a future that includes a growing life sciences industry. Now, the state has to maintain the fertility of that industry, especially in Central Massachusetts.
This region already has two other long-established industries that are synergistic, with related expertise: manufacturing and health care. And they're being supported by the strength of the higher education sector. The environment for life sciences to become a true cornerstone of the economy is well established.
A recent report by Citizens Financial Group cited life sciences as a driving force for growth in both Central and Western Massachusetts. Further, the lower real estate costs in the area — with office rents averaging less than half of what a company could find in Boston and Cambridge — offer young firms the chance to hold down costs as they pursue growth.
But is Central Massachusetts nirvana for the life sciences industry? Hardly. As our article on Page 10 of this issue points out, you won't find as much available laboratory space here as you'll find inside Route 128, and the allure of the big city is an intangible that's hard to quantify. While that can cause industry entrepreneurs and established firms to look elsewhere for expansion opportunities (as is the case with a Natick firm whose pending move to Newton we addressed in the article), it's a factor that can be addressed through a regional effort.
The state has rightfully supported growth in the industry — as well as others — through recruitment efforts that include Gov. Deval Patrick's many trips abroad to recruit foreign companies. The investment in the Bay State by firms based in Israel, for example, is a direct payoff from those efforts. Further, the $25 million the governor and lawmakers allocated in the fiscal year 2015 budget to the Massachusetts Life Sciences Center puts additional government investment behind the effort, providing research grants and accelerator loans to researchers and early-stage companies while also supporting workforce development.
According to recent research out of the Dukakis Center for Urban & Regional Policy at Northeastern University, employment in the life sciences industry in Massachusetts grew more than 12 times faster than the entire state economy from 2006 to 2012. And that growth happened in the throes of a severe nationwide recession, making it all the more impressive. The seeds that are continuing to be planted can keep the industry on the growth track over the next several years, and lift Central Massachusetts with it.
WBJ Web Partners
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