LifeSci in NYC

NYC: A Global Leader in the Life Sciences

New York City has all the makings of a global hub for the life sciences industry, including:

• A deep and diverse talent pool
• The nation’s largest healthcare network
• Abundant commercial lab space
• A robust venture capital and startup ecosystem
• A public sector committed to investing in life sciences research and talent

The NYC life sciences community is launching dynamic new startups and leading scientific breakthroughs that are improving health outcomes and enhancing quality of life. These enterprises are developing new technologies; researching new therapeutic approaches; creating new tools and medicines; and developing innovative multi-sector solutions in sustainability, agriculture, materials, and more.

These assets, and the City's commitment to investing in this growth sector, have made life sciences a cornerstone of the NYC economy. The industry now contributes $3.1 billion to the city's gross metropolitan product and has seen an average annual growth of 50+ companies since 2016.

The NYC Life Sciences Talent Pipeline

With a workforce of over four million, NYC is home to the nation’s largest, most diverse, and most skilled talent pool—including the world’s largest concentration of Nobel laureates; 7,000+ graduate students and postdocs; and 500,000 healthcare workers, more than any other city in the nation.

New York City Economic Development Corporation (NYCEDC) is committed to nurturing and growing that talent through workforce development initiatives like the LifeSci NYC Internship Program, which prepares a diverse group of students for careers in the field—and builds a direct talent pipeline for the life sciences industry. To date, over 600 interns across over 160 host companies have participated in the program, with 45 percent of those internships either extended or transformed into a full-time role.

Leading Institutions

NYC is home to one of the most extensive healthcare systems in the nation:

Space to Grow

NYC is investing in new wet lab space, while making available existing spaces for early-stage companies. The City has already taken the lead in bringing new, state-of-the-art life sciences spaces online, including:

• Launching [email protected], with 50,000 square feet of newly renovated and fully equipped laboratory and office space
• Partnering with King Street Properties to build Innolabs, a 260K-square-foot life sciences building in Long Island City
• Announcing a $50 million investment in BioBAT to expand the existing 250K-square-foot space for additional life sciences use
• Partnering with Deerfield Management to redevelop a 12-story building in Manhattan’s Flatiron District into a life sciences campus called CURE to provide office space, wet labs, and programming to support startups

And we’re just getting started. The City has already opened or announced the opening of 1.7 million square feet of space to-date, and we anticipate bringing 10 million square feet of wet lab space online over the next 10 to 15 years.

A Thriving Ecosystem

The venture capital (VC) community is focused more than ever on investing in NYC-based life sciences startups, with over $1 billion in private venture capital funding—up from $130 million in 2016. This has sparked a life sciences boom in the city, fueled by ready access to capital, a strong base of entrepreneurial talent, and close coordination between the VC, nonprofit, and public sectors.

The creation of this thriving startup scene draws more entrepreneurs and investors; leading to the development of a talent and research cluster; which, in turn, attracts more entrepreneurs and investors—a cycle that ensures new entrants always have access to capital, research, and premier talent.

Establishing NYC as the Leader in Life Sciences Innovation

Building on these advantages, the City has launched LifeSci NYC, a $1 billion initiative to create 40,000 new jobs and establish NYC as the global leader in life sciences. The plan covers three key areas:

Taken together, the City and NYCEDC’s investment in life sciences will create, produce, and deliver dozens of new cures and treatments, generating thousands of new jobs for New Yorkers—making our city healthier and fairer.

The stage is set for life sciences companies to thrive and grow in the NYC ecosystem—and we want you to be a part of it.