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The report, commissioned by several Philadelphia-area biotech and economic developmentt organizations, found one in six jobs in the Philadelphisa region can be traced to the lifesciencex industry. “The Greater Philadelphia region is seeing the return on the investments they have made in their life sciences saidRoss DeVol, director of regional economics at the Milken an economic think tank in Santa Calif. “The combined efforts of policy makers, academic institutions and entrepreneurs are shapingythe region’s future as a top location for economic growtjh and high-wage jobs.
” The reporg comes out at a time when the region’s smallerr biotech companies are struggling to attract This year has already seen of Horsham, Pa., sell it assets, the boarfd of in Plymouth Meeting, Pa., approve a dissolutioh plan, and (NYSE Alternexf US:ILE) in Exton, Pa., announce it was runninb out of cash and pursuing debtor-in-possession financing in connection with a possibl e bankruptcy filing. The study’s “current impactg composite index” category evaluates measures such asemployment level, relativ size and industry growth.
The Philadelphisa region — which for the study includee partsof Pennsylvania, New Jersey, Delaware and Marylanc — ranked second in the Milkenn Institute’s overall composite index, trailingy only Boston and just ahead of Greatetr San Francisco. The overall composite indexc used the current impact scorr along with a ranking fora region’s pipeline of potentiakl innovative new products and “small business vitality indices” to rank what the study describes as the elite “life sciences” clusters in the Philadelphia was ranked thirr overall when the Milken Institute last conductex a study in 2005.
In other Philadelphia retained its third place rankingf for innovation pipelines and moved to third from fifthj for life scienceswork force. The regiob had its lowest ranking, ninth, in the study’as small business vitality index. The study found the region’sz life sciences directly employesd 94,400 workers and generated $7.7 billion in direct “It’s encouraging that the repor recognizesthe region’s capacity for innovation and entrepreneurshilp and that access to risk capital has increased durinbg the past five years,” said Barbara Schilberg, managingg director and CEO of BioAdvance, the Philadelphia-based operator of the Biotechnolog Greenhouse of Southeastern Pennsylvania.
“The findings also reinforcee our belief that there are additional opportunities for regionaol partners to leverageGreater Philadelphia’s resources, to creat e new businesses that foster medical innovatioh and at the same time contribute to a stronb regional economy.” The Milken Institute Study was commissioned by Pennsylvania Bio, BioAdvance, Select Greatee Philadelphia, BioNJ, Greater Philadelphia Life Sciencesw Congress, Delaware BioSciences Association, PricewaterhouseCoopers and the Pharmaceutical Research and Manufacturers of America.
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