MassBio's Strategic Plan

Posts tagged ‘Life Sciences’

Defining Value

MassBio continued its #Impact2020 Twitter Chat Series with a discussion on defining value. Impact 2020 examines the balance between value-based, evidence-based medicine in the era of healthcare reform and the uncertainty it creates for investors and entrepreneurs who seek reward for innovation and risk-taking. Value creation is, and will continue to be critical to success in the life sciences industry.

In the chat, we discussed how key stakeholders define value and how companies can work to demonstrate value in today’s healthcare system.

Click here to check out the conversation!

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Support for Contract Research & Manufacturing Critical to Growth in Life Sciences

Data shows opportunity lies in growing model of virtual biotechs & contract services

In order to fully realize the opportunities available to grow life sciences in Massachusetts, state and industry leaders must work to support the growing contract research and contract manufacturing capacity in the Commonwealth, speakers at the Massachusetts CRO/CMO Symposium said today.

Responding to survey data which shows one in every three biopharma jobs in Massachusetts is at a CRO or CMO, MassBio’s executive team announced a new campaign to advocate for changes to Massachusetts’ tax incentive and financing programs to broaden access for contract services companies. Most CROs and CMOs cannot access incentive programs under the Life Sciences Initiative or other state programs.

“Impact 2020 calls out the critical role CRO/CMOs play in drug discovery and development, and therefore the future of the life sciences industry here in Massachusetts,” said MassBio President & CEO Robert K. Coughlin. “We must reshape the state’s incentive programs in order to make the most of our opportunity. In the end, it’s about reducing the cost and speeding the time to market for new drugs and therapies for patients in need.”

Based on survey data reported by many of the state’s 225+ CRO and CMO organizations, contract services companies employee nearly 16,000 people and occupy more than 5.6 million square feet of space in Massachusetts. Estimated revenues from Massachusetts’ CRO and CMOs nears $2.5 billion.

Impact 2020, MassBio’s industry strategic report released last month, outlines a new business model for drug discovery and development where companies focus on efficiency and contract out research and manufacturing functions. Data shows this trend will continue to grow, and the report urges industry and legislative leaders to support policies that encourage this growth in Massachusetts. The report also points out that in order to sustain and nurture the Commonwealth’s strength in R&D employment, the state must respond as some of the R&D jobs that currently reside in-house transition to strategic CRO/CMO partners. The state must respond with the appropriate investment and incentive structures that recognize the transition.

“We are the world leader in life sciences not only because we are home to cutting-edge startups and Big Pharma, but also all of the services that support those companies. With the current funding climate making it much more challenging to build fully-integrated companies, we will see a continued surge in virtual companies and contract services to drive forward new treatments and cures,” said MassBio Chief Business Officer John Hallinan. “Massachusetts must evolve to reflect how the industry is changing so we can continue to lead.”

MassBio’s strategic reports have been key to strengthening the regional life sciences cluster, which today is recognized as the global leader for life sciences innovation. Developed by consulting firm Health Advances through in-depth interviews of more than 100 thought leaders, Impact 2020 recommends:

  • Driving the conversation on defining value and reward for innovation in the era of outcomes-focused medicine;
  • Seizing a leadership opportunity at the intersection of IT and life science;
  • Evolving funding models for early stage companies and innovative ideas;
  • Improving workforce development to ensure a workforce trained for the jobs of the future and support downstream expansion; and
  • Highlighting patient stories to showcase the impact of innovation taking place in Massachusetts

Patient Advocacy for the Future

MassBio launched Impact 2020 on April 3, 2014. The report lays a path forward for the future of life sciences in Massachusetts, and at the heart of it all is the patient, so we decided to host a Twitter Chat about patients and patient advocacy.

Patients and patient advocates have historically played a very important role in shaping the biotechnology industry and its innovative therapies. In the future, as the healthcare system undergoes a major shift, patients will play an even more critical role.

To ensure innovative, valuable therapies make it to patients as Massachusetts and the nation implement healthcare cost containment measures, it is critical that the patient voice is not only heard, but amplified.

For this April 15 chat, we tweeted from the Life Sciences Foundation’s Voices Carry event where we heard patient advocacy perspectives from David Meeker, John Maraganore, Bill Haseltine, and Joan Finnegan Brooks.

Click here to check out the conversation!

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Early-Stage Funding, New Models for Success

Building buzz for Impact 2020: The MassBio Strategic Report, we continued our #Impact2020 Twitter Chat Series last night. In the chat we focused on the evolution & future of early-stage funding in life sciences with moderator John Hallinan, Chief Business Officer at MassBio, and guest moderator David Berry, Partner at Flagship Ventures.

From pharma-based venture funds to advocacy group-directed research to crowd-funding, we’re in the midst of a sea change in how emerging biotechs find funding and address capital challenges. The IPO window reopened in 2013 but how long can we expect it to stay open? With a significant decline in seed stage funding, are Massachusetts’ good ideas being funded? How do we continue to support fledgling companies that need startup money for early research or proof-of-concept?

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Crossroads of Biotech & IT

Building buzz for Impact 2020: MassBio’s Strategic Report, we hosted our second Twitter Chat last night, this time focused on the intersection of biotech, tech, and devices & diagnostics in Massachusetts. Thank you to all who joined us and a special thanks to our guest moderator, Tom Hopcroft, President and CEO of Massachusetts Technology Leadership Council.

In this chat we discussed:

  • Should life sciences and technology seek to collaborate more than they do now?
  • Is the combination of devices, IT, diagnostics, and biotech potent enough to catalyze unique collaborations and spawn new industry models?
  • What can Big Data do for life sciences and vice versa?
  • Who will spearhead these partnerships and why doesn’t more seem to be happening?

Check out the conversation!

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It’s Who You Know

Building buzz for Impact 2020: The MassBio Strategic Report, we hosted our first ever Twitter Chat last night – thank you to all who joined us!  This chat was focused on one of the report’s findings that Massachusetts is such a tight-knit biotech community that sometimes “It’s Who You Know” that makes a difference.

Those new to the local scene are quick to note the powerful relationships they encounter among us locals. Tapping into that community can be daunting, and led one recent stakeholder to call the Massachusetts biotech community “The Club” when being interviewed for the Impact 2020 report.

On the other hand, our tight-knit community means that entrepreneurs have near-instant access to a wide variety resources, and there’s a good chance we’re all six degrees of professional separation from Bob Langer or Henri Termeer.

What does our close community mean to you, and how can we make sure our network works to build the Massachusetts cluster?

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