Contribute Try STAT+ Today

Philadelphia is supposed to be a biotech hub. Two years ago, the city’s life sciences startups brought in more than $450 million; last year, they raised even more. A 2019 Philadelphia Magazine article proclaimed that “even when compared to Silicon Valley, Philadelphia has the most to offer,” and pointed out that more than 80% of leading life sciences companies have offices in the city.

But Philly’s growth appears to be slowing. Last November, the president of the Philadelphia Alliance for Capital and Technologies lamented that the city’s biotech companies were “punching below [their] weight” in terms of investment — and so far in 2020, the city’s biotechs have brought in just $317 million while the rest of the sector, even amid the pandemic, has raised record-breaking sums from venture capital firms.

Unlock this article by subscribing to STAT+ and enjoy your first 30 days free!

GET STARTED

What is it?

STAT+ is STAT's premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond.

What's included?

  • Daily reporting and analysis
  • The most comprehensive industry coverage from a powerhouse team of reporters
  • Subscriber-only newsletters
  • Daily newsletters to brief you on the most important industry news of the day
  • STAT+ Conversations
  • Weekly opportunities to engage with our reporters and leading industry experts in live video conversations
  • Exclusive industry events
  • Premium access to subscriber-only networking events around the country
  • The best reporters in the industry
  • The most trusted and well-connected newsroom in the health care industry
  • And much more
  • Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr.
  • I have noticed similar stories about lesser known biotech clusters in some cities showing signs of what some folks think is a decline. From a national perspective its hard to quantify these claims. The fact is that biotech clsuters in San Diego, San Francisco and Boston have grown so large in the last 15 years they have become the first places the media and investors might look to as the centers of biotech development.

Comments are closed.

Your daily dose of news in health and medicine

Privacy Policy