Massachusetts' biotech job boom
Despite layoffs and economic concerns, the life sciences sector's workforce in Massachusetts saw more growth than nearly all other states last year, according to an industry report released Wednesday.
Why it matters: MassBio's industry snapshot shows that Massachusetts remains competitive in the life sciences sector despite concerns about losing skilled workers to lower-cost states.
Driving the news: Massachusetts outpaced nearly all of its competitors when it came to jobs in research and development and biomanufacturing, according to the report.
- Only North Carolina surpassed Massachusetts' R&D employment growth, and North Carolina has a far smaller R&D workforce.
By the numbers: The Bay State's R&D workforce grew 8.5% year-over-year in 2022, outpacing California and Pennsylvania.
- Massachusetts ended 2022 with more than 64,000 R&D workers.
- It saw 6.3% growth in its biomanufacturing workforce, ending 2022 with nearly 10,500 employees.
The big picture: Life sciences hubs nationwide have fared well despite a slowdown in venture capital funding, triggered in part by recent rate hikes and layoffs.
- But MassBio and other biotech industry groups say upcoming drug pricing negotiations could hurt their industries, stifling innovation.
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