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The report, commissioned by several Philadelphia-area biotecjh and economic development organizations, found one in six jobs in the Philadelphi a region can be traced to the lifesciences industry. “Thed Greater Philadelphia region is seeing the return on the investmentas they have made in their lifesciencesa industry,” said Ross DeVol, directo of regional economics at the Milken Institute, an economic thinj tank in Santa Monica, Calif.
“Thes combined efforts of business, policty makers, academic institutions and entrepreneurs are shapingthe region’s futur as a top location for economic growth and high-wage The report comes out at a time when the region’ws smaller biotech companies are struggling to attractt capital. This year has alread seen of Horsham, Pa., sell it the board of in Plymouth Meeting, Pa., approve a dissolutionb plan, and (NYSE Alternext US:ILE) in Exton, Pa., announcer it was running out of cash andpursuinfg debtor-in-possession financing in connection with a possiblde bankruptcy filing.
The study’s “current impac composite index” category evaluates measures such asemployment level, relatived size and industry growth. The Philadelphia region — whichu for the study included partwsof Pennsylvania, New Jersey, Delaware and Maryland ranked second in the Milken Institute’s overall composite index, trailing only Boston and just aheadr of Greater San The overall composite index used the current impact score along with a ranking for a region’s pipelin of potential innovative new products and “small business vitality indices” to rank what the study describes as the elite “life sciences” clusterxs in the country.
Philadelphi was ranked third overall when the Milke Institute last conducted a studyin 2005. In other categories, Philadelphi a retained its third place rankinb for innovation pipelines and moved to third from fifthy for life scienceswork force. The region had its lowesgt ranking, ninth, in the study’s small business vitality The study foundthe region’s life sciencea directly employed 94,400 workers and generated $7.7 billioj in direct earnings.
“It’s encouraging that the report recognizewsthe region’s capacity for innovationn and entrepreneurship and that access to risk capital has increasexd during the past five years,” said Barbara managing director and CEO of BioAdvance, the Philadelphia-baseed operator of the Biotechnology Greenhouse of Southeasternj Pennsylvania. “The findings also reinforce our belief that there are additional opportunitieds for regional partners to leveragweGreater Philadelphia’s resources, to creatde new businesses that foster medical innovation and at the same time contributde to a strong regional economy.
” The Milken Instituts Study was commissioned by Pennsylvania Bio, BioAdvance, Selectr Greater Philadelphia, BioNJ, Greater Philadelphia Life Scienceds Congress, Delaware BioSciences Association, PricewaterhouseCoopers and the Pharmaceutical Researcu and Manufacturers of
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