Life Sciences Yields $24.6B for Greater Philadelphia

NEWS PROVIDED BY PRNewswire/Ben Franklin

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PHILADELPHIA, PA - The Greater Philadelphia Region (GPR) 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. Greater Philadelphia Life Sciences Report, the joint study by Ben Franklin, BioAdvance, CEO Council for Growth, the Chamber of Commerce for Greater Philadelphia, EY, Life Sciences PA, the Greater Philadelphia Alliance for Capital and Technology (PACT), Philadelphia Works, Select Greater Philadelphia Council, and the University City Science Center, in collaboration with IHS Markit, 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.

(click image to download report)

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$6.3B in investments are woven into economic fabric of the region

​Report 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
• 6 medical schools (including 4 NCI-designated Cancer Centers) and 10 medical centers
• $1B in NIH funding
• >5,400 life science-related patents since 2010
  
• $6.3B in  investment in regional companies
  
• $24.6B in real output (in constant 2010 dollars), 4% of the GPR's total

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As previewed at PACT's Impact 2016 event in November, the Greater Philadelphia Life Sciences Report details 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 to our export profile. 

​"As Ben Franklin has been engaged in the development of the life sciences community in our region for decades, today's outlook for opportunity is exciting," said Ben Franklin President and CEO RoseAnn B. Rosenthal. "Our convergence of institutional, corporate, and public partners committed to its growth, combined with our ever-burgeoning talent, are a recipe for impactful success."

"The Greater Philadelphia Region has a long, rich history of making investments in the life sciences industry," said EY Partner, Assurance Amy J. Dorfmeister. "These investments have built a foundation for a large, diverse life science ecosystem. The recent data shows how the ecosystem has evolved, continuing the trend of delivering transformative growth of the industry in the region."

"This collaboration among regional organizations shows the enormous strength of life sciences within Greater Philadelphia," said PACT President and CEO Dean Miller. "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."

Full Report: http://www.sep.benfranklin.org/news_reports/Life-Sciences-2016
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