Boston Hosts Heaviest Concentration of Life Science Companies

Boston Business Journal reported that Boston now hosts the heaviest concentration of life science companies in the world. Interestingly, however, the state is between third and eighth in terms of total life science job growth.

As quoted in the market news:

The state’s prominence seems to be evident in the recent decisions by companies like Shire Pharmaceuticals, Baxter International and GE Healthcare to expand their presence in the area. A decade ago, the Boston and Cambridge area appeared to be in a race with San Francisco for the right to call itself the world’s hub of life science firms. Today, as MLSC CEO Susan Windham-Bannister has said, ‘No one would have that argument with us.’

And it’s not just Massachusetts that’s making that claim. The most recent annual ranking by the Genetic Engineering and Biotechnology News ranks Massachusetts as No. 1, whereas last year the state lost out to San Francisco. The ranking is based on five criteria, and GEN acknowledges that job growth is not the main reason for the Boston area’s dominance. Rather, the state’s ranking on the top of that list is based on levels of venture investment, NIH funding and lab space.

Click here to read the full Boston Business Journal report.