NEW YORK LIFE SCIENCES COMMUNITY CELEBRATES STATE’S GROWING LEADERSHIP AS HUB FOR INNOVATION

NEW YORK LIFE SCIENCES COMMUNITY CELEBRATES STATE’S GROWING LEADERSHIP AS HUB FOR INNOVATION   

Data shows New York’s growing bioscience-related R&D expenditures totaled $5.5 billion            

January 27, 2025, New York, NY – NewYorkBIO today celebrated the release of a recent report demonstrating New York’s growing leadership as a nationwide economic hub for the life science industry. “The U.S. Bioscience Economy: Driving Economic Growth and Opportunity in States and Regions,” a biennial report from the Biotechnology Innovation Organization (BIO), the Council of State Bioscience Associations (CBSA), and TEConomy shows New York leading the United States in key innovation metrics.

Most notably, the data shows New York’s significant bioscience-related Research & Development (R&D) expenditure increase, totaling $5.5 billion in FY 2022, compared to the total $4.7 billion R&D expenditures reported in FY 2020—among the top quintile of states in the country, second only behind California—and is also ranked as the second state for total NIH funding for FY 2023.

New York bioscience companies also raised more than $25 billion in VC investments, supported by inventors affiliated with nearly 12,000 bioscience-related patents over the same 5-year period – a significant leap since the $18.4 billion VC investments reported between the years of 2018-21. The report, which analyzed data from the years 2019-23, found that New York had the largest employment levels of any state in the subsectors of Pharmaceuticals and Bioscience-Related Distribution. With employment growth in the life sciences up 10.2 percent since 2019, New York had a total of 7,032 more jobs across 653 additional state business establishments—demonstrating how the New York is attracting a workforce to grow and thrive in the empire state.

“The past several years have marked exciting growth for New York’s life science community, largely due to a targeted effort by the state, municipal governments, and industry leaders to elevate and invest in the Empire State’s bioscience economy,” said Jennifer Hawks Bland, NewYorkBIO CEO. “This report reflects the enthusiasm and growth-oriented mindset that is palpable across our statewide life science industry, underscoring the strength of our state’s ecosystem. We were glad to see New York continue to climb the rankings as our industry works to research, fund, and create the cures and treatments of tomorrow.”

This news follows a year of intentional, thoughtful investments across New York at the city and state level. Key milestones in 2024 included the approval of Mayor Adams’ City of Yes plan to update outdated zoning regulations to permit the city to allow life science labs and research facilities expansion in commercial districts near universities and hospitals, the areas where innovation in New York has a reputation of spinning out and thriving. Governor Hochul also made investments throughout the year focused on catapulting New York as a leader in Cell and Gene Therapy with hubs located across the state to support research, development, and commercialization of life-saving therapies. Coupled with the private investments that have catapulted the industry, these public-private partnerships have proven to be a crucial strength in New York’s ability to lead groundbreaking research.

Governor Hochul’s 2025 State of the State address earlier this month reaffirmed the administration’s vision for continued investments in New York’s future through strategic initiatives that crucially support life science start-ups and fostering a dynamic ecosystem of growth and discovery to improve lives and drive forward medical progress worldwide —starting here in New York.

About NewYorkBIO

As the leading advocate for the life science community in New York, NewYorkBIO brings together hundreds of New York’s bioscience companies, universities, research institutions, and others dedicated to advancing life science research and commercializing treatments and cures for patients. NewYorkBIO connects key voices and companies of all sizes with resources to initiate and support transformative change to impact patient outcomes.