Report Shows Biotech Booming in Greater Philadelphia
19th Annual Ernst & Young Industry Survey Calls Greater Philadelphia
A Top 10 Region for Biotech
PHILADELPHIA,
Select Greater Philadelphia applauded the announcement that the
Greater Philadelphia region ranks in the top 10 in biotech business,
according to the new Ernst & Young industry report. The report
showcases the region's growing stature as a "biotech boomtown" as
final preparations are underway for the BIO 2005 convention, to be
held in Philadelphia June 19 - 22.
The 19th annual Ernst & Young industry report showed Greater
Philadelphia had 13 public biotech companies in 2004. That's up 26
percent from the previous year, and positions Greater Philadelphia
as the number 10 region in terms of public biotech firms.
E&Y counted a combined 68 public and private biotech companies in the
region, also ranking Greater Philadelphia 10th.
"Philadelphia has always been a major player in the biotech world,
and I don't see that changing," Mike Hildrith, Americas
Biotechnology director at Ernst & Young told The Philadelphia
Inquirer. "There is an active venture capital community, a robust
academic research community and entrepreneurial spirit."
The report also shows that Greater Philadelphia ranks:
-- 9th in biotech market value ($6.2 Billion)
-- 8th in biotech revenue ($1.2 Billion)
-- 8th in short-term investments ($1.5 Billion)
The 11-county Greater Philadelphia region stacks up favorably
against other regions in the Top 10 when you consider that many of
the other regions are considerably larger. For instance, the New
England region includes five entire states; the Southeast region is
comprised of eight states.
Additionally, Ernst & Young did not count pharmaceutical
companies, many of which are heavily invested in biotech research
and development. Eighty of the world's largest pharmaceutical
companies have a presence in the region.
"When you consider that we are being compared to regions so much
larger in size, it's easy to see that Greater Philadelphia is a
hotbed of biotech activity," said Jim Shannon, Chief Marketing
Officer for Select Greater Philadelphia. "The biosciences industry
is a critical segment of our regional economy, and a major reason
why this region is thriving."
Select Greater Philadelphia is a business marketing organization
dedicated to building the economy of the tri-state Greater
Philadelphia region by enhancing the region's profile and image in
order to attract and retain businesses. It is a private, nonprofit
organization.
Select Greater Philadelphia markets the region nationally and
globally in order to establish Greater Philadelphia as a top-tier
place to do business.
The Greater Philadelphia region encompasses Southeastern
Pennsylvania, Southern New Jersey and Northern Delaware.
SOURCE Select Greater Philadelphia
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