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MassBio Issues Impact 2020 Report Outlining the Future of Biotech
|By Business Wire
|April 3, 2014 08:04 AM EDT
The Massachusetts Biotechnology Council (MassBio), the state industry
association for the life sciences industry, today issued Impact 2020, a
strategic report on the state of the biotechnology and life sciences
cluster in Massachusetts. The extensive report issues a call to action
for Massachusetts stakeholders—across industry, academia, healthcare
networks, payers and government—to take steps to safeguard the
Commonwealth’s definitive, but fragile, leadership position in life
sciences and innovation.
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
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
“While we are riding a renaissance of life sciences funding, scientific
advances and new product approvals in 2014, Impact 2020 identified real
threats to the long-term viability of the model,” said Robert K.
Coughlin, President & CEO of MassBio. “We must take action to ensure our
ability, regionally and as an industry, to continue delivering
breakthroughs that benefit patients worldwide.”
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
“We all need a thoughtful approach to determining how new, life-changing
therapies are valuated and paid for,” said Geoff MacKay, outgoing
Chairman of the MassBio Board of Directors and President & CEO of
Organogenesis Inc. “That dialogue needs to include private payers,
Medicare, providers and the companies developing new treatments, to
ensure that the needs of patients remain our core focus.”
The report also analyzes new challenges in capital formation to fund new
companies and drive forward new potential medicines, diagnostics and
devices. As the cost and risk of bringing new products to market has
increased, traditional investors have evolved models that spread that
risk. New players, including disease foundations, wealthy individuals,
and even crowdsourcing organizations are filling a void left by a
decrease in traditional sources of capital.
“With its unprecedented concentration of uniquely skilled talent,
leading hospitals, world renowned academic institutions, pharmaceutical
research centers, and deep financial resources, Massachusetts has long
been the ideal place to start a new biotech company,” said Glenn
Batchelder, incoming MassBio Chairman and Founder of Civitas. “To
preserve this, MassBio and its partners must continue to develop
supportive programs that reduce the startup hurdles for tenacious,
Impact 2020 includes additional analysis and recommendations around the
region’s opportunity at the nexus of IT and healthcare; the need to
expand of workforce development programs that reduce ‘door to floor’
time; and Massachusetts’ biomanufacturing capabilities and the
opportunity for downstream development, among other topics.
The Massachusetts Biotechnology Council is an association of more than 620
biotechnology companies, universities, academic institutions and
other organizations dedicated to advancing cutting edge research. We are
the leading advocate for the Bay State's world premier life sciences
We drive innovation by creating a forum for the biotechnology community
to come together, educating the public and policy makers, influencing
public policy and advancing the economic interests of individual
companies, as well as the sector as a whole.
For more information on MassBio or to download the entire Impact 2020
report, please visit www.massimpact2020.com.
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