The city that once was the hub of the biotechnology industry has incidentally become the hub of big pharma.
Historically, Boston’s been home to some of the best research universities and some of the most innovative start-ups. However, large pharma started betting big on Boston over the past decade. Many of the 20 largest international pharmaceutical companies decided to headquarter research and corporate facilities in the Boston area.
Now, companies centered in Boston play a huge role in the entire pharmaceutical chain. The city is vital to the discovery of new drugs, their development, and even the marketing of the end products. With these new, more vibrant and scientific community in Boston, the city will continue to invent innovative and transformative medicines.
Boston’s pharmaceutical evolution is only good news for the city. The corporate expansions that made it more than a simple research hub added more middle-class jobs. It created a demand for lab techs, marketing and sales managers, and administrative assistants.
Now, the city has become such a key place in the industry that the World Pharma Congress, which is one the biggest conferences in the pharmaceutical industry, is held there.
The evolution comes as a surprise to some because many large companies choose not to consider Boston as a growth platform. There are high costs of labor, rent, and taxes. Yet, with the success of big pharam in Boston, perhaps other industries will take note of the old American city.