|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 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
“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 risk-taking.
“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, talented entrepreneurs.”
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 cluster.
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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