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Out in front: the Boston cluster

01-01-2012

Out in front: the Boston cluster

When it comes to life sciences, Boston is out on its own. LSIPR takes a look at innovation in the Olde Towne.

The Boston life sciences industry is flourishing, according to Jones Lang Lasalle, a multinational firm that advises life sciences companies on business strategies. Last year the company produced the first comprehensive, global life sciences ‘cluster’ report, with a heavy focus on the US.

It argued that, statistically, Boston and its surrounding area was the highest-ranking US industry hub, taking first place in five of six categories including government funding and venture capital funding. On the face of it, accruing 17 points more than second-placed New York-New Jersey, Boston stands far taller and stronger than any of its rivals.

But looking more closely, how dominant is Boston? For example, the town’s life sciences employment as a percentage of its total employment—16.2 percent—is only marginally higher than second-placed Philadelphia’s, at 14.8 percent. And venture capitalists, who are crucial for investing in the life sciences industry, increasingly flock to the San Francisco Bay Area rather than to Boston.


Boston, pharmaceuticals, cluster, MIT, Harvard

WIPR

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