BOSTON CLUSTER
When it comes to life sciences, Boston is out on its own. LSIPR takes a look at innovation in the Olde Towne.
T e Boston life sciences industry is fl ourishing, according to Jones Lang Lasalle, a multinational fi rm that advises life sciences companies on business strategies. Last year the company produced the fi rst comprehensive, global life sciences ‘cluster’ report, with a heavy focus on the US. It argued that, statistically, Boston and its surrounding area was the highest-ranking US industry hub, taking fi rst place in fi ve of six categories including government funding and venture capital funding. On the face of it, accruing 17 points more than second-placed New York-New Jersey, Boston stands far taller and stronger than any of its rivals.
But looking more closely, how dominant is Boston? For example, the town’s life sciences employment as a percentage of its total employment—16.2 percent—is only marginally higher than second-placed Philadelphia’s, at 14.8 percent. And venture capitalists, who are crucial for investing in the life sciences industry, increasingly fl ock to the San Francisco Bay Area rather than to Boston.
What is the secret of Boston’s success? T e answer, it
seems, is the town’s wealth of
intellectual expertise. T e area is home to world- leading universities such as Harvard and the Massachusetts Institute of Technology (MIT), which are the two best on the planet, according to T e Guardian newspaper. Most important, their students are choosing subjects that feed the life sciences industry. T e report says that for every 1,000 individuals in Boston aged between 25 and 34, 287 are science and engineering graduates.
T ese fi gures are supported by anecdotal evidence. Jill Uhl, director of intellectual property at John Hopkins University in Baltimore, says the abundance of prestigious universities allows Boston’s life sciences industry to attract some of the best students in the world. T is rich pool of talent is available to research institutes, pharmaceutical and biotech companies, which can all hire the best employees. Unlike many other places, she adds, the life science companies in Boston are small, independent operations that are fl exible and have great access to the research being undertaken at the region’s universities.
www.worldipreview.com
Life Sciences Intellectual Property Review 2012
15
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