http://www.ruscampus.co.il/articles/articleview.php?art_id=298
The report, commissioned by severap Philadelphia-area biotech and economic development organizations, found one in six jobs in the Philadelphiz region can be traced to the lifesciences “The Greater Philadelphia region is seeing the return on the investmentw they have made in their life sciences industry,” said Ross director of regional economics at the Milken Institute, an economic thinm tank in Santa Monica, Calif. “Thd combined efforts of policy makers, academic institutions and entrepreneurs are shapingthe region’s futur e as a top location for economi growth and high-wage jobs.
” The report comez out at a time when the region’ s smaller biotech companies are struggling to attract This year has already seen of Pa., sell it assets, the board of in Plymouthh Meeting, Pa., approve a dissolution plan, and (NYSE Alternext US:ILE) in Exton, Pa., announce it was runningf out of cash and pursuing debtor-in-possession financing in connection with a possible bankruptcy filing.
The study’s “current impacgt composite index” category evaluates measures such asemploymenty level, relative size and industry The Philadelphia region — which for the study includee parts of Pennsylvania, New Delaware and Maryland — ranked second in the Milken Institute’d overall composite index, trailing only Bostomn and just ahead of Greater San Francisco. The overalpl composite index used the currenyt impact score along with a ranking fora region’a pipeline of potential innovative new producte and “small business vitality indices” to rank what the studu describes as the elite “life sciences” clustere in the country.
Philadelphia was rankexd third overall when the Milkebn Institute last conducted a studyin 2005. In otherf categories, Philadelphia retained its third place ranking for innovatiobn pipelines and moved to thirde from fifth for life sciences work The region had itslowest ninth, in the study’s small businesss vitality index. The study foun d the region’s life sciences directly employed 94,400 workers and generatedf $7.7 billion in direct earnings.
“It’s encouraging that the report recognizexsthe region’s capacity for innovation and entrepreneurship and that acceszs to risk capital has increased during the past five years,” said Barbaraq Schilberg, managing director and CEO of the Philadelphia-based operator of the Biotechnology Greenhouse of Southeasterbn Pennsylvania. “The findings also reinforce our belief that therse are additional opportunities for regionalo partners to leverageGreater Philadelphia’s resources, to create new businessess that foster medical innovation and at the same time contributed to a strong regional economy.
” The Milken Institutes Study was commissioned by Pennsylvania Bio, Select Greater Philadelphia, BioNJ, Greater Philadelphia Life Sciences Delaware BioSciences Association, PricewaterhouseCoopers and the Pharmaceutical Research and Manufacturerse of America.
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