This week is an exciting one for biotech in Beantown as Boston hosts the 25th Annual BIO International Convention, opening today at the Boston Convention & Exhibition Center. With such a concentration of established biotechs and startups, the Hub is truly the epicenter of drug development innovation. From scientific labs, research centers and world-class universities to venture capital funding and a robust incubator community, the local biotech ecosystem finds itself on a hockey stick trajectory.
So what’s driving all this momentum? Take these for starters:
- Robust VC Scene – Venture capital in this area is on fire. According to MassBio, VC firms pumped $900M into biotech startups six years ago. This number has inflated to $3B just last year. While the amount of cash VCs are investing in the sector is on the rise, it’s also the mindset of the investor that is unique: many consider VCs as more tolerant of failure in light of the area’s entrepreneurial spirit and what could be considered “innovation osmosis.”
- World-Class Hospital & University System – As home to the world’s leading teaching hospitals, clinics and universities, Boston offers a rich ecosystem of expertise, talent and academic research, all of which continue to nurture a culture of innovation and drive this sector forward.
- Infrastructure Boom – State and local governments are doubling down on infrastructure, helping ease congestion and make it easier for people – and their ideas – to travel in and around the region. Even as the biotech market is driving up real estate prices in Kendall Square and across the Innovation District and Seaport, startups are once again looking at the Rt-128 belt to house operations. These emerging clusters are taking on a life of their own. What’s more, Boston and its surrounding suburbs are seen as the ideal location for expanding globally.
- Bigger Purpose – Being a part of truly meaningful work – bringing innovative treatments to market is a noble cause. From established pharma to emerging biotechs, the promise of unveiling new discoveries that can cure disease and advance human health, for many, is enough inspiration in and of itself.
Just as Boston is playing host to BIO this week, biology itself is playing host to a medical revolution that is truly defining an industry in this region. But make no mistake: it’s a high-risk, high-reward pursuit in a market riddled with uncertainty and one that sees more failure than success.
Want more on integrated marketing for healthcare brands? Read, 'Implementing an Integrated Marketing and PR Strategy for Healthcare Brands'.
Whether you’re a marketer inside an established brand or a promising upstart, the pressure to capitalize on this inflection point in biotech is ever present. To help keep pace with digital health transformation at large and effectively reach, engage and influence target audiences – investors, policymakers, academic institutions – integrated marketing and PR strategies are designed to network your brand deeper into your communities of influence by creating, producing and promoting your story.
It’s an exciting time for PAN Communications as we partner with some of the leading household names and emerging faces in pharma and biotech on their PR and integrated marketing strategies. With that, enjoy BIO and all the excitement that comes with the Hub’s ‘BioBoom.’ To follow along with the conference conversation and insert yourself into the discussions, be sure to follow @BIOConvention and of course #BIO2018!