Dr. Susan Windham-Bannister is the founding chief executive of the Massachusetts Life Sciences Center. During her tenure, the MLSC invested more than $700 million of a 10-year, $1 billion life sciences investment fund and leveraged another $2.7 billion in matching investment capital, establishing Massachusetts as the global leader in life sciences, making the industry the fastest job-producing sector of the Massachusetts economy.
Windham-Bannister is the keynote speaker at the Life Sciences Expo presented by MedMates, April 4, 9 a.m. to 6 p.m., at the Omni Providence Hotel in Providence. The event showcases the growth and diversity of the life sciences in Rhode Island and southeastern New England. Providence Business News asked Windham-Bannister about her work nurturing life sciences in the Bay State.
Understanding Breast Health: The Vital Role of Annual Screenings
Breast health is a critical aspect of overall well-being, and regular screenings play a vital…
Learn More
PBN: How did you begin your mission growing/strengthening Massachusetts’ life sciences ecosystem?
WINDHAM-BANNISTER: In 2008, Gov. Deval Patrick signed into law the Massachusetts Life Sciences Initiative, a 10-year initiative to accelerate the growth of the state’s life sciences sectors. Gov. Charlie Baker is recapitalizing the initiative and it is very exciting to see the initiative span two administrations. The initiative includes biotech, pharmaceuticals, medical diagnostics, medical devices and bioinformatics, so we recognize that innovation occurs not only within each of these sectors but also across these sectors – and some of the most significant breakthroughs are taking place at the nexus of the sectors.
- The goals of the Massachusetts Life Sciences Initiative:
- Invest in good science and good business.
- Strengthen Massachusetts’ global leadership in life sciences.
- Accelerate commercialization.
- Create jobs and drive economic development across the state.
PBN: What was the most important element of your strategy?
WINDHAM-BANNISTER: The three most important aspects of our strategy were:
- Creating an independent entity (the Life Sciences Center) to oversee the initiative and administer the investments. This entity is funded by the state but governed by a board of directors. The sole mission of the center is to support the life sciences community and to make investments that strengthen the ecosystem.
- Recognizing how important an ecosystem is to the innovation life cycle – by which I mean the translation of new science and technology through to commercialization.
- Understanding that building and maintaining a successful, high-performing innovation initiative requires a portfolio of investments and activities.
In Massachusetts, we focused our investment portfolio on the key enablers of innovation. Ecosystem is one of these enablers – and perhaps the most important. But there are four others: translational research culture; entrepreneurship; enabling infrastructure; and talent, especially the talent needed to grow young companies.
PBN: What did you find was the low-hanging fruit during your effort?
WINDHAM-BANNISTER: Massachusetts was one of the early pioneers in biotechnology – our biotechnology industry in Boston dates back to the 1970s, when genetic engineering was developing, so this certainly provided a strong platform on which to build but also produced a cadre of experts who weren’t afraid to “break new ground.”
We also have a very strong biopharma industry council, founded in 1985, as well as an industry council for medical devices, founded in 1996. Of course, our world-class academic and medical research institutions have always been strong assets. And I was able to quickly access the tremendous enthusiasm of the life sciences experts in Massachusetts and their willingness to support, share their expertise and be actively engaged in the life sciences initiative. There really was a commitment to making the initiative a team effort.
PBN: What was the most surprising thing about the success you realized in the Bay State?
WINDHAM-BANNISTER: I think that we all have been extremely gratified and excited by the initiative’s high level of measurable impact – on the Massachusetts economy, our global leadership in life sciences innovation and our contributions to global health and well-being.
The economic impact – in terms of job creation and capital investment – has been dramatic and it is accurate to say that the growth of the life sciences sectors after 2008 was instrumental in leading Massachusetts out of the economic recession and building its economy more quickly than other states. Massachusetts now has more employees per capita working in the life sciences than any other state. According to Massbio’s 2017 Industry Snapshot, Massachusetts-based biopharma wages alone represented over $2 billion in 2016.
Massachusetts is now the undisputed global leader in life sciences innovation, and in 2016 Boston/Cambridge moved ahead of the Bay Area as the best place in the U.S. to start a company, according to the U.S. Chamber of Commerce.
PBN: What is your process for assessing the life sciences ecosystem in a state?
WINDHAM-BANNISTER: I look at the five enablers of “innovation capacity” that I referenced earlier: translational research culture; entrepreneurship (culture and capital); talent; enabling infrastructure; and strength of the ecosystem. Regarding an ecosystem, I assess the strength of the following:
- (Shared) aspiration and vision.
- Advocacy and publicity.
- Advisory and mentoring resources participate.
- Attraction – what the incentives are to be part of the ecosystem.
- Alignment of stakeholders on core competencies and value proposition.
Rob Borkowski is a PBN staff writer. Email him at Borkowski@PBN.com.
