NYC has been an international center for business for generations. But for years, cities such as San Francisco and Boston were leaders in the biotech and life science sector. Now New York is becoming the home of a variety of biotech startups. It promises to be one of the next leading cities in this growing sector.
According to New York Bio, the city supports over 75,000 biotech jobs and graduates the largest number of life science PhDs in the nation. It has become the place for over a quarter of the clinical trials in the country. Plus, New York has the largest concentration of academic medical centers.
Crains New York indicates it is important for New York to connect its current scientific assets with the essential resources for commercialization. This is already happening in a variety of institutions in the area including Mount Sinai Medical Center, Stony Brook University, Cold Spring Harbor Laboratory, Albert Einstein College of Medicine and more.
While New York is a global financial center, it has been a secondary source of biotech venture capital. Fierce Biotech reported New Your ranked at number 7 as a source for biotech capital. A endeavor launched in the final days of Bloomberg’s time in office will help that change in the next few years.
As the world depends more on life science research and biotech advances, New York seems destined to become a center of this industry within the next few years.