Boston is going through an unprecedented phase of biotech growth, placing it alongside San Francisco and San Diego on the list of the leading U.S. hubs for the industry.

Boston is going through an unprecedented phase of biotech growth, placing it alongside San Francisco and San Diego on the list of the leading U.S. hubs for the industry. As well as being a hive of activity for start-ups and new businesses, the city has attracted the attention of major pharmaceutical groups and drug developers like GlaxoSmithKline, Novartis, and Merck. This has made the Boston area a land of great opportunity for young, ambitious professionals, who will be wondering just how far the industry can go. The past and present of Bostons biotech industry Massachusetts, and the Boston and Cambridge area in particular, boasts a proud history of biotech and pharma innovation. The region is home to over 550 companies operating in the industry, more than half of which specialize in drug development. During the 2013 fiscal year, the state received USD2.3 billion in funding from the National Institutes of Health, underlining its importance as part of the national healthcare and pharmaceutical framework. In terms of jobs, more than 113,000 people work in life sciences in Massachusetts, with the largest portion of this group focused on research and development. According to these figures from Northeastern University, the sector is about the same size as the construction industry. The state has the highest concentration of biotech jobs in the country, prompting Gregory Bialecki, state secretary of housing and economic development, to call for the industry to be acknowledged as one of the pillars of the Massachusetts economy.  [Tweet Massachusetts has the highest concentration of biotech jobs in the U.S.] Barry Bluestone, director of Northeasterns Dukakis Center for Urban and Regional Policy, said: Massachusetts, in the life sciences, has leapfrogged other states in the last six or seven years. The Boston area has been at the heart of this growth over the past decade or so. It has seen numerous major developments, from Novartis decision to relocate its entire research operation to Cambridge in the early 2000s, to GlaxoSmithKlines recent establishment of an innovation center in Boston. In the past few weeks alone there have been stories and announcements underlining the rapid expansion of the industry, with a particular focus on jobs. Shire revealed plans to move its U.S. operational headquarters from Chesterbrook, Pennsylvania, to Lexington, Massachusetts, about ten miles outside Boston. The pharmaceutical firm will be relocating over 500 positions as it seeks to streamline its business through two principal locations – Massachusetts and Switzerland. The story of BioPoint, an industry-specific staffing and consulting firm, underlines the potential of the Boston areas biotech industry as a generator of employment. The company was formed in 2011, by five partners who were willing to put their own money into an enterprise that would live or die on the fortunes of the biotech and pharma industry. Chris Nash, one of the original partners, told the Boston Business Journal that the founders had faith in their venture because they saw pharmaceuticals as pretty recession-proof. The company, which provides staffing solutions to biotech businesses on a project basis, has seen its revenue rise from USD120,000 in the first year to more than USD7 million this year. Its clients include Johnson Johnson, AbbVie, Shire, and Genzyme. MBA students and graduates in Boston will see the biotech industry as an area of great opportunity, whether you want to start your own company or build a career with an existing one. Kiran Mazumdar Shaw, who founded Biocon and turned the firm into Indias leading biotechnology company, offered some advice for entrepreneurs at a talk for Hult International Business School earlier this year. She said one of the most important things is to constantly reassess your business plan, and question if you are using the right strategies to guarantee growth. Youve got to keep reevaluating your business model and keep changing it, because if you dont, you miss out on opportunities, which can stunt your growth, said Ms. Shaw. Future growth and challenges The Greater Boston area has established itself as a world leader in fields like life sciences research and drug development, but now it faces the test of staying at the top. Challengers to the regions dominance are emerging at home and abroad. Tax breaks have made California even more attractive to biotech businesses, while Texas has invested hundreds of millions of dollars in strengthening its foothold in the industry. In South Korea, meanwhile, new laboratories are being built and scientists are needed to fill them. Developments like these led Robert Coughlin, chief executive of the Massachusetts Biotechnology Council, to tell the Boston Globe that he is sweating. Its hard to stay on top. Either you continue to improve or you go backwards, he said. Another puzzle for the industry to solve is the limited supply of lab space. With new businesses starting up at such a rapid rate and major companies increasing their presence in the Boston area, real estate is at a premium. In the second and third quarters of 2014, the vacancy rate for the life sciences sector in Cambridge was just under 14 percent. This has been roughly consistent for the past year or so and is the lowest the rate has been in the past decade, according to commercial real estate company Transwestern. Eric Smith, a partner at the firm, told the Boston Business Journal that this is the tightest he has seen the market in terms of available space. Despite these challenges, any industry boasting constant innovation, fierce competition, guaranteed demand, and a healthy flow of financial support is well-placed for success. The biotech sector in the Boston area has these features in abundance. Last month, the Massachusetts Life Sciences Center (MLSC), a quasi-public state agency, announced that it would provide up to USD2 million to early-stage life sciences firms. A panel of experts will select companies to receive up to USD200,000 each. Pamela Norton, manager of the MSLCs programs, said this will fuel the entire continuum of companies, from the earliest to the latest, the Boston Herald reported. Factors like high costs for labor, taxes, and rent are often cited as possible obstacles for big businesses with growth plans in Boston, but the city has proven it can be a major player in the global competition for biotech and pharmaceutical jobs. Dr. Christoph Westphal, a partner at Longwood Fund, an investor in biomedical companies, said the city has transformed itself from a research capital into a center of corporate expansion and development. Other cities that vie with us – San Francisco, London, Paris, the New York/New Jersey region, cities in Switzerland or Germany – often have more significant hurdles of their own, he wrote in the Boston Globe. In healthcare, we have shown that Boston can be a key global player. We look forward to the day when this is also true for other innovation-based industries. Kickstart your career in this education and innovation hotspot by studying at Hults Boston business school. To find out more, take a look at our blog Dare to start: Boston’s VC scene on the rise. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .