The Worcester area is an emerging economic development engine within the biomedical industry due to its renowned academic resources, strong research capacities and quality medical and health care innovation and support.
These strengths are the solid foundation the region builds upon in promoting its medical and health care growth. The most recent life science and health-related industry cluster development in Worcester County — biotechnology, medical devices and informatics — is creating increased employment and an expanded tax base for Massachusetts.
In partnership with UMass Medical School, UMass Memorial Medical Center, Tufts School of Veterinary Medicine, St. Vincent Hospital, the Fallon Clinic, Fallon Community Health Plan, Mass College of Pharmacy and Health Sciences, Worcester Polytechnic Institute (WPI), Massachusetts Biomedical Initiatives and others, the biomedical industry has helped modernize Central Massachusetts’ profile as an attractive region for science-related investment.
The Massachusetts Biotechnology Research/Alexandria Technology Park is home to approximately 20 related companies with more 2,000 jobs, filling 1 million square feet with an investment of more than $300 million, and generating close to $3 million in tax revenue to the City of Worcester.
The biomedical industry in Central Massachusetts has grown to more than 100 companies with 7,500 employees, generating yearly revenue of approximately $1 billion.
The newly developed Gateway Life Science Park will continue to forge a partnership between WPI and the Worcester Business Development Corporation to support biomedical and technical research.
The region’s economic development efforts are also focused on attracting medical device firms, as well as hospital and medical information systems and diagnostic products. With this new synergy between the needs of the biomedical industry and the health care and medical strength that Central Massachusetts offers, the region is poised to become the leading center of medical product development.
MBI’s Efforts
Massachusetts Biomedical Initiatives (MBI) was created in the mid 1980s as a partner with the Biotechnology Research Park, located next to UMass Medical School, to help strengthen the area’s biomedical industry cluster.
MBI’s three biomedical incubator facilities in Worcester are an integral part of the Commonwealth’s emphasis on a statewide strategy to compete globally and against states and regions in the United States for the biomed industry. Worcester has quickly established itself as the life science incubator capital of Massachusetts.
Key goals of the Worcester area’s biomedical economic development effort include:
- Creating a higher profile for Worcester and Central Massachusetts as a place to establish and grow medical industry businesses.
- Establishing a lifeline with venture capital funds to match prospective companies with specific VC fund opportunities.
- Promoting technology transfer to create more opportunities for the commercialization of science.
- Creating more affordable science-related incubator lab, office and light-manufacturing space.
- Marketing financial and real estate packages to grow and attract biomedical companies by assembling grant, loan guarantee, tax incentive and real estate resources.
- Establishing educational networking forums to highlight biotechnology, medical device and informatics business activity in the area.
MBI looks forward to continuing its efforts to elevate the life sciences/health care industry within our region, and to increasing the region’s role in the state’s economic vitality and success.
Kevin O’Sullivan is president and chief executive of Massachusetts Biomedical Initiatives.
