In a study released on September 19th at the annual “Life Sciences Future” conference, independent advisory firm KPMG found the Pennsylvanian life sciences industry’s research and development is among the best in the country. The report, readable in full on the Life Sciences Pennsylvania website, details the steady advancement of the industry, generating over $88.5 billion total value for Pennsylvania in 2016.
KPMG’s report defines life sciences as companies or organizations that invest in R&D towards pharmaceuticals, digital health, medical devices, biotechnology, and overall human health. By this definition, Pennsylvania’s life sciences industry increased across the board since 2011, with 112,000 people directly employed in 2016 with an annual average pay of $138,000, and 230,000 indirectly employed people through household expenditures and business purchases.
Other findings by the report show that Pennsylvania has 2 universities ranking in the top 100 Biological Sciences Program, and 7 of the top 100 universities in the Shanghai Index. Additionally the state held the highest National Science Foundation (NSF) funding rate in as well as the second highest NSF and National Institute of Health (NIH) funding per capita when compared to peer states in 2016.
“We have a successful track record in securing prized federal funding, a talent pool second to none, and better proximity to capital and regulatory agencies and a low-cost structure, in comparison to our competitor states,” said the CEO and president of Life Sciences Pennsylvania, Christopher P. Molineaux. “Pennsylvania has a recipe for success, and the rapid investment in development of new mixed-use innovation real estate in both Philadelphia and Pittsburgh is a testament to it.”
