PHILADELPHIA PA — Greater Philadelphia has emerged as a powerhouse in the cell and gene therapy industry, housing almost 10 percent of the world’s companies in this rapidly expanding sector. A report commissioned by the Chamber of Commerce for Greater Philadelphia has revealed that this industry now provides employment to more than 7,000 people in the region.
“Leading the Way: Cell and Gene Therapy in Greater Philadelphia,” hailed as the most comprehensive regional snapshot of the sector, declares cell and gene therapy as a paramount economic catalyst for the region in the last decade. The area displays a rich blend of established and emerging businesses, leading research institutions, and an exceptional pool of industry talent that has collectively sparked a wave of economic prosperity and groundbreaking treatments for myriad diseases.
Chamber President and CEO, Chellie Cameron, is effusive about the region’s role, noting, “Greater Philadelphia is the top destination for those who wake with a mission to improve lives through cell and gene therapy treatments. The region offers everything that research companies, researchers, and their support teams would want, which is why we continue to make such great strides.”
The report, compiled by economic research firm Ninigret Partners LLC and supported by a grant from the Knight Foundation, will serve as a beacon for community members, talent, policymakers, and practitioners seeking to advance parallel sector-specific growth strategies both locally and internationally.
John Churchill, Director, Philadelphia, Knight Foundation acknowledged the region’s pioneering role in his statement: “Greater Philadelphia is already a global leader in cell and gene advanced therapies and is poised to become one of the top innovation hubs in this field. This study aims to pinpoint the key factors and resources driving success.”
Tracking back to the origins of cell and gene therapy discovery 25 years ago in Philadelphia, Claire Greenwood, Executive Director and Senior Vice President of Economic Competitiveness for the Chamber, observes how this mature ecosystem now includes a broad range of economic drivers. The report reveals Greater Philadelphia to be home to 60 of the estimated 500 cell and gene therapy companies worldwide. In addition, the region claims a top-ranking position for NIH funding in gene therapy and is a leader in translational science.
Furthermore, the region has seen a substantial influx of capital into life sciences companies. Since 2018, 547 life sciences companies in Greater Philadelphia have accumulated $18.7 billion through various financial avenues, with approximately $8 billion specifically related to cell and gene therapy.
In addition to the region’s robust lineup of cell and gene therapy companies, the Greater Philadelphia ecosystem also showcases a well-developed supportive infrastructure. Recent additions include a Charles River CRADL facility, the entry of Mispro biotech services, the creation of the Cencora CGT Integration Hub, and the IBX Advanced Therapeutics Network.
The Chamber’s CEO Council for Growth and 11 partner companies, institutions, and universities launched the Cell & Gene Therapy and Connected Health Initiative in January 2019. The main objectives of this Initiative include shared storytelling, critical infrastructure development, talent assessment and attraction, and ecosystem scalability. Greenwood highlights that this new study will further enhance the innovative and collaborative approaches emanating from the Initiative.
As the Greater Philadelphia region continues to establish its dominance in the cell and gene therapy landscape, it’s clear that its synergistic blend of economic resources, research capabilities, and industry talent is driving both an economic boom and life-altering therapeutic developments. The implications of this include not only a thriving job market but also the promise of new treatments that could revolutionize healthcare for countless individuals worldwide.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.