Massachusetts life science R&D employment declined by 1.7% in 2024, the first annual decline in the sector in recent memory, according to the newly issued Industry Snapshot from MassBio. 2024 also marked the second consecutive year of job losses in biomanufacturing, while venture capital investment reached its lowest level since 2017.
Notwithstanding depressed funding levels, Massachusetts continued to capture nearly a quarter of all U.S. biotech VC funding, and the biopharma workforce demonstrated resiliency, says MassBio. It’s not clear when investor confidence will return, but MassBio notes that Massachusetts is uniquely situated with its density of biotechs, veteran venture firms, well-capitalized global pharma, experienced and available talent, purpose-built innovation space and government engagement.
“Biotech is Massachusetts,” said Kendalle Burlin O’Connell, MassBio CEO and president. “Every day, our companies work to improve human health and deliver for patients, which is why it’s critical we navigate today’s headwinds with collaboration and resilience.”
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