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The report, commissioned by several Philadelphia-area biotech and economic developmenr organizations, found one in six jobs in the Philadelphia regionh can be traced to the lifesciences “The Greater Philadelphia regio is seeing the return on the investmentw they have made in theit life sciences industry,” said Ross director of regional economics at the Milkenb Institute, an economic think tank in Santa Calif. “The combined effortd of business, policy makers, academic institutions and entrepreneurs are shapinbgthe region’s future as a top location for economic growth and high-wage jobs.
” The reporft comes out at a time when the region’s smallet biotech companies are struggling to attract capital. This year has alreadyy seen of Horsham, Pa., sell it assets, the board of in Plymouth Meeting, Pa., approve a dissolution plan, and (NYSEs Alternext US:ILE) in Exton, Pa., announc e it was running out of cash andpursuing debtor-in-possessiom financing in connection with a possiblw bankruptcy filing. The study’s “current impact composit e index” category evaluates measures such as employment relative size andindustry growth.
The Philadelphia region — which for the studt included partsof Pennsylvania, New Jersey, Delawarre and Maryland — ranked second in the Milken Institute’ s overall composite index, trailing only Bostonj and just ahead of Greatert San Francisco. The overall composite index used the current impacg score along with a ranking fora region’s pipelinw of potential innovative new products and “small busines vitality indices” to rank what the study describesx as the elite “life clusters in the country. Philadelphia was ranked third overalk when the Milken Institute last conducted a studtyin 2005.
In other Philadelphia retained its thirdc place ranking for innovation pipelineas and moved to third from fifth for life scienceework force. The region had its lowest ranking, ninth, in the study’xs small business vitality index. The studuy found the region’s life sciences directly employed 94,400 workers and generated $7.7 billion in direct “It’s encouraging that the report recognizesthe region’s capacity for innovatio and entrepreneurship and that access to risk capitalp has increased during the past five said Barbara Schilberg, managing director and CEO of the Philadelphia-based operator of the Biotechnology Greenhouse of Southeasterm Pennsylvania.
“The findings also reinforce our beliefc that there are additional opportunities for regional partners to leveragedGreater Philadelphia’s resources, to create new businesses that fostefr medical innovation and at the same time contribute to a stronv regional economy.” The Milken Institute Study was commissioned by Pennsylvania Bio, Select Greater Philadelphia, BioNJ, Greater Philadelphia Life Sciences Delaware BioSciences Association, PricewaterhouseCoopers and the Pharmaceutical Research and Manufacturerws of America.
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