If you’ve been involved in the biotech scene in the last decade, it should come as no surprise that Massachusetts has seen explosive growth thanks to its proximity to venture capital, funding grants, and its access to some of the top university talent in the United States. In 2017, Massachusetts-based biopharmaceutical companies received a whopping $3.1 billion dollars in venture capital funding; a figure that represents 37 percent of all biopharmaceutical investments in the US. Furthermore, in 2018, 15 biotechnology companies made their initial public offering (IPO), which represents 39 percent of all US IPO offerings.
These trends should continue as the administration of the Massachusetts Governor Charlie Baker announced that the city of Brockton (located just outside Boston) is to receive a grant for $150,000 to form a master plan for a new life sciences campus on an underutilized plot of land adjacent to Good Samaritan Medical Center.
The initiative is made possible in part by a little-known aspect of the Tax Cuts and Jobs act of 2017. That legislation offered investors a way to reinvest their capital gains into a privately managed corporate fund that invests in specially designated “opportunity zones.” The city of Brockton has two such zones, one of which being the parcel of land mentioned above. The Mayor of the City of Brockton, Bill Carpenter heralded the move saying, “These opportunity zones identify specific areas where we believe the city’s next wave of development will occur. … Brockton is already known as a major healthcare center with our three regional hospitals and a neighborhood health center, which employ over 8,000 people here. Now, the city has been working on a partnership with the Massachusetts Life Sciences Center, MassDevelopment, and MIT’s Department of Urban Studies and Planning, to identify and nurture a growing cluster of life science firms here in greater Brockton.”
AP Biosciences is Here for the Journey
Since our inception, we’ve been a recruiting firm dedicated to providing New England-based companies top talent for both direct hires and contract placement. We work closely with companies in the biotechnology, pharmaceutical, and medical device industries to provide the talent they need to grow and thrive. If you work for a company in the Greater Boston area, we’d love to talk to you. From small startups to Fortune 500 companies, we have the resources to meet your needs.
To learn more about AP Biosciences, please visit www.apbiosciences.net/find-talent or give us a ring at 617.556.0105.