New Report Showcases Significant Role of Pennsylvania Life Sciences Industry in Leading National Research and Innovation and Driving the State Economy
KING OF PRUSSIA, PA (September 22, 2022) – Life Sciences Pennsylvania today released a new study on the economic impact of the life sciences in Pennsylvania. The study shows Pennsylvania’s life sciences ecosystem has made a sizable contribution to the growth and resilience of the Commonwealth’s economy during the COVID-19 pandemic. There were 3,009 life sciences establishments in Pennsylvania during 2020, which represents an increase of nearly 17 percent from 2015 according to the independent report produced by KPMG.
“This report reinforces our optimism about the future of the life sciences in Pennsylvania coming out of a pandemic,” said Christopher P. Molineaux, President and CEO, Life Sciences Pennsylvania. “The Pennsylvania life sciences industry is leading much of the rest of the country in our research and development thanks to secured federal research grants and widespread formation of new businesses across the commonwealth.”
The report also found that the year 2021 was transformative for much of Pennsylvania’s life sciences industry. Several important indicators of the industry’s competitiveness and growth turned higher, including spending on research and development, venture capital (VC) investment, and employment at the firms and establishments that form the life sciences ecosystem.
The report defines life sciences as organizations not only in human health services including
pharmaceuticals, biotechnology, medical devices and diagnostics, but also industries related to
development and application of science and technology to improving human health.
“This report reflects what we intrinsically knew,” said Molineaux. “Our very diverse life sciences
community is unique in its make-up with its evolution from mainly large pharmaceutical anchor
companies to hundreds of start-up and emerging companies reflecting the latest cell and gene
therapies, medical devices and diagnostics.”
Other Facts in the Report:
• The life sciences industry directly employed more than 100,000 in Pennsylvania during 2020. When considering the indirect and induced contributions of the industry, the industry is estimated to be responsible for supporting an additional 230,000 jobs.
• From 2018 to 2021, the number of clinical trials for companies with facilities and/or headquarters in Pennsylvania increased by approximately 50 percent. In addition, during 2021 there were more than 90 clinical trials underway in Pennsylvania involving Orphan Drugs.
• In 2021, Pennsylvania received over $2 billion in funding from the National Institutes of Health
(NIH), among the single largest sources of funds received by Pennsylvania’s researchers during
the year.
For a copy of the full report, visit www.lifesciencespa.org
