Industry report: R.I. well-positioned for biotech growth

Updated: 5:15 p.m.

RHODE ISLAND is among top states with specialized concentrations in biotech according to BIO's 2018 industry report. Above, a map depicting biotech employment concentrations by state. /COURTESY BIO
RHODE ISLAND is among top states with specialized concentrations in biotech according to BIO's 2018 industry report. Above, a map depicting biotech employment concentrations by state. /COURTESY BIO

PROVIDENCE — Rhode Island fares well on concentrations of biotech jobs and per capita research spending in a 2018 biotechnology industry report commissioned by trade association BIO and researched by Teconomy Partners LLC, signaling the state is well-positioned for future growth in the area, an organization spokesman said.

According to the report, ‘Investment, Innovation and Job Creation in a Growing U.S. Bioscience Industry,” Rhode Island is one of 12 states with a specialized concentration of jobs in the drugs and pharmaceuticals subsector, and among four with a concentration of jobs in the medical device subsector with 4,045.

“In comparison to neighbors, such as Massachusetts, this is a modest employment figure,” said George Goodno, spokesman for BIO. But Rhode Island’s growth in biotechnology is complimentary to the Bay State, considered a global biotechnology hub, not in competition with it, he said.

The report also notes Rhode Island is highly concentrated in biotech funding relative to its size, and that investment is growing rapidly at $161 per capita, a 29.4 percent increase from 2014 to 2017.

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Rhode Island was also among four national leaders showing innovation strengths relative to their size including Delaware, Connecticut and New Hampshire. The report also ranks it eight on the top 10 list of bioscience-related patents distribution, with 170 patents per million people.

“There are any number of factors that drive and benefit bioscience industry development in a given region. Three of these key factors are an educated workforce, proximity to research universities and access to capital funding. Judging by these factors and its location within the Northeast’s larger bioscience hub, Rhode Island is well positioned for continued industry growth,” Goodno said.

Goodno pointed to the Innovate Rhode Island Small Business Fund created by the General Assembly in 2013 that allows Rhode Island small businesses to apply for grants to defray the cost of applying for federal Small Business Innovation Research and awards, match SBIR/STTR Phase I and Phase II awards, and hire interns.

“I think the state is doing what it can and what it should,” Goodno said.

“Since taking office, Governor Raimondo has made job training and economic development her top priority,” said press secretary Josh Block.

“Thanks to these investments, Rhode Island’s biotechnology industry is getting stronger every day. We’re supporting research and development through our Innovation Incentives and are recruiting and retaining talent with our Wavemaker Fellowship. In the past six months, we’ve hit a construction milestone at the Wexford Innovation Complex and announced a major expansion at Amgen. Still, there’s more work to be done to continue growing this critical industry, and the Governor is committed to making it happen.”

Rob Borkowski is a PBN staff writer.

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