We hear a lot of talk about how Massachusetts has become a hub of healthcare innovation. But what exactly does that mean, and how did we get to this point? The Commonwealth’s investment in human capital, starting with quality early education at a young age, continuing with funding throughout elementary and secondary school, and in adulthood with our commitment to healthcare, has helped create a pipeline of increasingly intelligent, creative, and talented entrepreneurs, scientists, and researchers.
As Vice Chair of the Economic Development Committee, I helped create the Massachusetts Life Sciences Center (MLSC) in 2008’s life sciences legislation, where it authorized $1B to spend over 10 years. One of the main goals of the MLSC was to bring the thousands of industry leaders and researchers together to create a collaborative environment focused on working together on breakthrough discoveries. For example, Bayer opened a new life sciences center in Cambridge to further develop its R&D presence in the area and build on existing relationships with the Broad Institute of MIT and Harvard. In a statement, Chief of Innovation Kemal Malik said, “The U.S. is the center of biotech, and Boston is the capital of the biotech universe.”
Through strategic grants, loans, capital authorizations, and tax incentives, the MLSC has leveraged $650M to create over 9,100 jobs, over 3,150 internship opportunities for students, generated more than $2.3 billion in additional investment in the Commonwealth, and created a portfolio of more than $2.9 billion in public-private investments in the state’s life sciences ecosystem. These investments reach beyond the life sciences industry: they spur growth in biotechnology, advanced manufacturing, data analytics, digital health, construction, and all of the local businesses that provide goods and services.
In Kendall Square and the Waterfront, along Route 128, up into Billerica, and out west in Lee and Westfield, the Commonwealth’s commitment and investment in the life sciences has spurred economic development, created jobs, and laid the foundation for the discovery of life-saving treatments and cures. Our investments in the life sciences, specifically through the Massachusetts Life Sciences Center, have created an ecosystem that thrives on people.
To build on the success of our initial life sciences bill, the House today passed a bill to continue financing existing programs, with some modifications, in an effort to further promote development of the life sciences industry in Massachusetts. It provides $492.97 million in capital spending for the Massachusetts Life Sciences Investment Fund, in order to facilitate job growth through capital grants that advance education, workforce development, and early-stage company growth. Within that authorization, our legislation provides $149.75 million throughout the University of Massachusetts system to strategically expand facilities and research spaces.
However, one of the challenges we’ve encountered has been ensuring women and communities of color participate in the industry. Throughout the process discussing this legislation, the MLSC and MassBio have taken steps to remedy this issue by creating various initiatives and roles to increase diversity within the field. Our legislation takes it a step further through grants to increase diversity in the life sciences and biotechnology industries.
These investments, combined with internship opportunities for high school students, improved facilities, loans, capital grants, and tax credits, will ensure Massachusetts remains the health sciences hub not only of the United States, but of the world.
