The Healey-Driscoll Administration, in partnership with the Massachusetts Life Sciences Center, has recently unveiled a substantial investment in the state's life sciences sector. A total of $21.4 million in tax incentives will be channeled towards 19 life sciences companies with the expectation of catalyzing the creation of 1,155 new jobs in the industry, as detailed by Mass.gov.
"We must continue to meet the moment and send a strong signal to companies here in Massachusetts and globally that our state remains the best place in the world to launch and scale life sciences solutions," said Governor Maura Healey, recognizing the strategic importance of nurturing this innovative industry. The tax incentive program targets companies involved in life sciences research, development, commercialization, and manufacturing. These incentives are hoped to invite expansion and solidify the state's reputation as a hotbed for life sciences.
The majority of the jobs, accounting for about 72 percent, are expected to bloom in communities outside Boston and Cambridge, hinting at a state-wide developmental strategy. "Our life sciences industry is a critical part of Team Massachusetts as we look to lengthen the lead in this sector," noted Economic Development Secretary Yvonne Hao.
Among the recipients of this year’s generous tax incentives is ModernaTX Inc., situated in Norwood, which has been awarded $6,037,500 to support 345 new jobs. Meanwhile, Vertex Pharmaceuticals Inc., based in Boston, has been incentivized with a $5,250,000 package for 300 new positions. The diverse group of awardees, which includes prominent names such as Eli Lilly and Company and Agilent Technologies Inc., is testament to the industry's range from drug discovery to medical devices and diagnostics.
These awards also come with strings attached; recipients are required to honor their job commitments over a five-year period and adhere to regular reporting to document the job creation stemming from the incentives. The MLSC has leveraged the Tax Incentive Program to encourage diverse life sciences endeavors across Massachusetts, intending to foster not just growth but retention within the state.
About the Massachusetts Life Science Center: an agency that drives economic development within the life sciences sector, MLSC has been a beacon of support for innovation, scientific advancements, and has helped establish Massachusetts as a leading ecosystem for life sciences since its inception in 2007. Cumulatively, MLSC has invested around $1 billion into the state, contributing to thousands of jobs and propelling patient health improvements both locally and globally.
