The Massachusetts Biotechnology Council is sounding a warning over seed-stage funding — the earliest form of investment in startups — saying recent dips could hurt innovation in the long run, according to its latest report on the health of the state's biotech industry.
The Bay State leads in research and development jobs, in addition to federal research funding and venture capital invested per capita, but seed-stage funding needs to approach $200 million this year to ensure a strong startup environment into the next decade, according to the 2014 MassBio Industry Snapshot.
"Massachusetts' strength in the life sciences depends on its vibrant startup and early-stage research activities, but funding for those activities — the fuel for industry growth here — is getting more difficult to come by," Robert K. Coughlin, MassBio's president and CEO, said in a statement. "We must find new avenues for companies seeking seed funding to ensure life-changing treatments make it ... into the hands of patients in need."
Seed-stage deals have grown from 20 deals totalling $52 million from 1999 to 2003 — when Massachusetts companies received 13.1 percent of all biotech seed funding in the U.S. — to 95 deals totalling $761.91 million from 2009 to 2013, when Bay State startups received 33.4 percent.
While that's good news, seed-stage funding has dropped since the 2008-to-2010 highs — when they totaled $275.89 million, $265.54 million and $177.92 million, respectively — to $148.10 million last year.
Still, other industry statistics look positive. Although research in the Impact 2020 report shows biotech venture investment overall is decreasing, last year Bay State venture investment increased to $984 million, with the state receiving more than 21 percent of all VC investment in biotechnology in the U.S.
The industry's economic impact as measured by Massachusetts-based payroll also topped $7.2 billion, with biopharma employment reaching 57,642 in 2013, an increase of almost 1,200 jobs over the previous year, according to data from the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages.
Employment in the industry has grown nine to 10 times faster than state and national employment growth rates.
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