Life Sciences Study Initiated by Regional Leaders and Milken Institute
Several organizations supporting Greater Philadelphia’s life sciences sector which comprises Delaware, southern NJ and Philadelphia – are collaborating to sponsor a new research study of the region’s biosciences cluster. The study is being performed by The Milken Institute and the study’s findings will be presented at the 2009 BIO International Convention in Atlanta (on May 19, 2009 at 10:00 a.m.).
“The goal of this new study is to measure our region’s progress and to fuel further development and expansion of the Greater Philadelphia region’s life sciences sector,” said Thomas G. Morr, president and CEO of Select Greater Philadelphia. “The study sponsors will draw on the findings of this initiative to refine the region’s combined efforts for sustainable economic prosperity and to advance our leadership position in life sciences.”
The 2009 study will assess, analyze and benchmark the Greater Philadelphia region’s position in the life sciences industry and develop an evaluation mechanism that will serve as a framework for an overall regional strategy in this critical sector. To accomplish this, the study will identify industry strengths and specializations in the life sciences, identify industry assets, determine economic impact of the industry, and assess the growth of life sciences establishments. The study will also look at the role of entrepreneurship, new businesses, and corporate giving programs within the sector.
“The engines of innovation – such as America’s pharmaceutical research and biotechnology companies – are deeply vested in improving the health of patients and have contributed significantly to the Greater Philadelphia region’s economy by helping to create thousands of jobs,” said Billy Tauzin, president and CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA). “Fully capturing the biopharmaceutical sector’s presence in the region will help us all realize, once again, the tremendous value and impact that pharmaceutical companies have on the local economy and will also provide a good measurement of how many in the region benefit from our sector’s presence.”
The Milken Institute conducted the 2005 study of the Region’s life sciences sector. In that study of Greater Philadelphia’s Life Sciences cluster found that the sector accounted for 11.4 percent and 12.8 percent of all employment and the total earnings respectively in the region (2003 data). The study also found that the region ranked third among benchmarked metropolitan regions in the study’s Overall Composite Index (after Boston and Greater San Francisco).
“Cities, states and regions across the nation and around the world are vying for the life science companies, entrepreneurs and research facilities that drive economic growth,” said Ross DeVol, Director, Regional Economics and the Center for Health Economics at the Milken Institute. “The Greater Philadelphia region has a strong base, but measuring progress and planning for the future are important steps to remaining competitive and we are pleased to be a part of that process.”