The Genetown Hotbed community highlights the organizations that comprise the biotech, pharmaceutical and medical device industries in Massachusetts. Some of the top industry employers include well-respected names such as Sanofi Genzyme, Shire, Novartis, Pfizer and Quest Diagnostics to name a few. Massachusetts has more employment classified as “Biotechnology Research and Development” than any other state and has seen an industry employment increase of 28% over the last 10 years. In the past decade, MA has seen over 11 million square feet of commercial lab space added, an increase of 68%!
Some of the incentives Massachusetts offers to help maintain its position as the leading life sciences industry cluster in the world come through the form(s) of:
- Cooperative Research Grant: Supports industry-sponsored research at universities to facilitate scientific discoveries which lead to medical applications. Grants come in the form of $250,000 per year and last up to three years.
- Accelerator Loan Program: Matches funds, up to $750,000, for early-stage life sciences companies to help leverage additional sources of capital.
- Internship Challenge: The Massachusetts Life Sciences Center (MLSC) operates an Internship Challenge program with the goal of expanding the life sciences workforce within the state. The program facilitates the placement of students and recent graduates into paid life sciences internships across the state, whose salaries are then reimbursed by the MLSC.
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