State of the Industry
The life sciences industry is one of the fastest growing sectors in the economy. Life sciences companies translate scientific research into cures, treatments, and technologies that save lives and improve health. In the past decade, the life sciences sector has exploded, receiving more venture capital investment than ever before while driving employment nationwide.
New York City is poised to drive the next generation of growth in the life sciences. The New York City metropolitan area has the largest bioscience workforce in the country, the world’s largest concentration of academic institutions, and is recognized as a world-class hub for biomedical research and technology development. Home to world-renowned research, talent and resources that no other city has to offer, the City has a strong foundation to build upon to become a global leader in the life sciences industry.
In 2015 and 2016, New York City Economic Development Corporation and the City of New York led a six-month project designed to craft a long-term infrastructure strategy for NYC’s life sciences R&D sector.
The takeaways from this infrastructure study helped us shape the City’s $500M 10-year commitment to the life sciences industry called LifeSci NYC, an unprecedented initiative announced by Mayor De Blasio in December 2016. Based on interest from stakeholders in the community, we are pleased to release the final report developed for this project.
