Massachusetts Boosts Life Sciences Funding by 0 Million Over a Decade

Massachusetts Boosts Life Sciences Funding by 0 Million Over a Decade

Massachusetts Boosts Life Sciences Funding by 0 Million Over a Decade

On November 20, with the signature of Gov. Maura Healey, Massachusetts introduced the Mass Leads Act, allowing for new growth in its life sciences sector through a 0 million capital reauthorization aimed at advancing its life sciences initiative over the next decade. This enhanced financial commitment will elevate the annual amount allocated to the life sciences tax incentive program from million to million.

This program is vital for fostering job creation within the state. Recently, in October, Massachusetts revealed .4 million in tax incentives granted to 19 companies, which is anticipated to generate 1,155 new life sciences employment opportunities within firms such as Moderna, Vertex Pharmaceuticals, and Insulet Corporation.

Enhancing the workforce in this vital industry is crucial, especially as Massachusetts saw only a 2.5% increase in life sciences jobs during 2023, a significant drop compared to the 7.8% annual average increase from 2020 to 2022, outlined in a MassBioEd employment outlook report published in June. The same report forecasts a 32% job surge by 2033.

The bolstered investment in life sciences will also enable the Massachusetts Life Sciences Center to broaden its scope to include initiatives that promote preventative medicine and health-related AI. Since its inception in 2007, this economic development agency has significantly impacted the life sciences landscape in the state, having allocated nearly billion to support job creation and advance new therapies, devices, and scientific progress.

The Mass Leads Act aims to assist not just the life sciences but also burgeoning sectors, including climatetech and applied artificial intelligence.

Industry leaders have shown their backing for this legislation. Julie Kim, president of the U.S. business unit and U.S. country head at Takeda, stated, “As the largest life sciences employer in Massachusetts, we are particularly appreciative of the reauthorization of the Life Sciences Initiative with a broader emphasis on health equity and the strategic use of artificial intelligence to tackle longstanding health disparities and effect groundbreaking discoveries.”

Kendalle Burlin O’Connell, CEO and president of MassBIO, echoed this sentiment, emphasizing, “Ongoing infrastructure investments across the commonwealth and increases to the proven and effective Life Sciences Tax Incentive Program will guarantee that Team Massachusetts is equipped to foster innovation and produce lifesaving therapies and medicines for patients globally while maintaining our economic lead here at home.”

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