PHILADELPHIA--(BUSINESS WIRE)--A study released today at Life Sciences Pennsylvania’s annual conference, Life Sciences Future, shows Pennsylvania’s life sciences industry has been advancing at a steady rate and generated more than $88.5 billion in total value to the state in 2016. Through increased federal funding, patent applications, and entrepreneurship, Pennsylvania maintains a lead over much of the rest of the country in terms of research and development (R&D), according to the independent report produced by KPMG.
“This report reinforces our optimism about the future of the life sciences in Pennsylvania,” said Christopher P. Molineaux, President and CEO, Life Sciences Pennsylvania. “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.”
“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,” Molineaux continued.
The report also found that the life sciences industry in Pennsylvania directly employed 112,000 people during 2016 and was responsible indirectly for an additional 230,000 jobs through business purchases and household expenditures. Annual average pay was $138,000. This represents an increase from 2011 in both direct employment and wages.
The report defines life sciences as organizations investing in research and development in human health and covers pharmaceuticals, biotechnology, medical devices, diagnostics, digital health, patient advocacy groups, academic research, and venture capital companies with R&D-based portfolio companies.
“This report reflects what we intrinsically knew,” said Molineaux. “Our very diverse life sciences community is unique in its make-up with its evolution from mainly large pharmaceutical anchor companies to hundreds of start-up and emerging companies reflecting the latest cell and gene therapies, medical devices and diagnostics.”
Other Facts in the Report:
- PA had the highest 2016 NSF funding rate in comparison to peer states and was awarded the second highest NSF & NIH funding per capita in comparison to peer states.
- PA is home to 7 of the top 100 universities ranked according to the Shanghai index, including 2 universities in the top 100 Biological Sciences Program.
- PA has granted a doctorate degree to more than 570 recipients in 2015, ranking 4th highest in the nation.
- More than 4,300 patents have been issued over the past 5 years, making PA among the top 5 states nationally.
For a copy of the full report, visit www.lifesciencespa.org.
About Life Sciences Pennsylvania
Life Sciences Pennsylvania is the statewide trade association for the life sciences in Pennsylvania and serves as a catalyst to ensure Pennsylvania is a global leader in the life sciences by developing a business and public policy environment which fosters life science growth and success. More information is available at http://www.lifesciencespa.org.
About KPMG
KPMG, LLP is an Audit, Tax and Advisory firm and the independent U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s independent member firms have 189,000 professionals including more than 9,000 partners in 152 countries.