Science and Technology

Definition Science and technology companies include firms within a wide range of industry sectors including biotechnology, pharmaceuticals, nanotechnology, bioinformatics, biomedical, medical device, diagnostics, biopharmaceutical processing, and data management and storage among others.

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The Biomedical Industry's Emerging Clusters

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Written by Stan Wendzel MBA, CPA, LEED AP   
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The Biomedical Industry's Emerging Clusters
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Because government agencies, educational institutions, and pharmaceutical companies are becoming increasingly aware of the benefits that attracting biomedical companies to their area represents, a geographic shift is occurring that could alter the landscape when it comes to biomedical “clustering.”

 

Critical to the success of any biomedical cluster are basic essential support systems including a history of successful commercialization of technologies, an understanding of the unique needs of the biomedical industry, the availability of venture capital for startup and established companies, as well as strong support from the government. Additional key ingredients include access to leading research universities and pharmaceutical companies, an abundance of skilled workers, a growing community of organizations involved in pre-commercial medical research, and the availability of affordable housing to support the organization’s workforce.

 

In the U.S., where 41 out of 50 states have formal economic initiatives in place that are specifically intended to attract players in the biotech sector or larger biomedical industry, there are only these nine areas which are considered major biomedical clusters today:

 

· San Diego

· San Francisco

· Seattle

· Los Angeles

· Washington D.C./Baltimore

· Philadelphia

· New York/New Jersey/Connecticut

· Boston

· Raleigh/Durham

 

However, as economic conditions change, population shifts continue to occur, and these 41 states continue to advance their biomedical initiatives, new economic and lifestyle forces are driving the formation and growth of biomedical clusters. And those drivers are expected to result in new clusters forming in areas not previously under consideration by the industry.

 

Abgenics technicianThe biomedical industry is historically known for bringing clean, non-polluting firms that deliver a large quantity of high-paying technical jobs, as well as a number of clerical and administrative jobs, to the communities that are fortunate enough to attract them. It is well known that jobs, especially high paying ones, create a multiplier effect in terms of economic activity for an area. This explains why attracting biomedical firms to a region has become so popular among economic development groups.



 

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