Greater Philadelphia Region Ranks Third in the Nation in New Milken Institute Study
A new study by the Milken Institute announced at BIO 2005, shows that Greater Philadelphia Region is home to one of the most dynamic life science clusters in the U.S.
Philadelphia's hosting of the annual international convention of the Biotechnology Industry Organization sent a clear message that the Greater Philadelphia tri-state region was a leader in the multi-billion dollar life sciences industry. Even though this is well known to the tens of thousands of Pennsylvania, New Jersey and Delaware residents who work in the life sciences, many from outside the region had remained unaware of the depth of life sciences enterprise here.
This is not surprising, because the many reports and studies surveying life sciences economies during the past five years focus on just a single aspect of the life sciences. In collaboration with Pennsylvania BIO, the CEO Council for Growth and Price Waterhouse Coopers, BioAdvance engaged the prestigious Milken Institute to conduct a study of the impact of the life sciences in the region, using key definitions to capture the breadth of the industry and the relevant geography.
The study looks at three core sectors: biotechnology, pharmaceuticals and medical devices--which we believe are important as the boundaries between the three are becoming increasingly blurred. The geographic definition of the region includes southeastern Pennsylvania, south central New Jersey, and northern Delaware, reflecting the reality that our life sciences industry operates across state lines.
“The Greater Philadelphia life science cluster ranks among the elite center in the country,” said Ross DeVol, Director of Regional Economics at the Milken Institute and Principal Author of the report. “It is a clear potential source of comparative advantage for the Region’s economy over the long-term, and it ranks among the largest clusters in the country.”
Source: IP Links from Innovation Philadelphia, and BizJournal article by Barbara Schilberg, CEO and co-managing director, BioAdvance, the Biotechnology Greenhouse of Southeastern PA
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