PHILADELPHIA, June 6 /PRNewswire/ -- Select Greater Philadelphia applauded the announcement that the Greater Philadelphia region ranks in the top 10 in biotech business, according to the new Ernst & Young industry report. The report showcases the region’s growing stature as a “biotech boomtown” as final preparations are underway for the BIO 2005 convention, to be held in Philadelphia June 19 - 22.
The 19th annual Ernst & Young industry report showed Greater Philadelphia had 13 public biotech companies in 2004. That’s up 26 percent from the previous year, and positions Greater Philadelphia as the number 10 region in terms of public biotech firms.
E&Y counted a combined 68 public and private biotech companies in the region, also ranking Greater Philadelphia 10th.
“Philadelphia has always been a major player in the biotech world, and I don’t see that changing,” Mike Hildrith, Americas Biotechnology director at Ernst & Young told The Philadelphia Inquirer. “There is an active venture capital community, a robust academic research community and entrepreneurial spirit.”
The report also shows that Greater Philadelphia ranks: -- 9th in biotech market value ($6.2 Billion) -- 8th in biotech revenue ($1.2 Billion) -- 8th in short-term investments ($1.5 Billion)
The 11-county Greater Philadelphia region stacks up favorably against other regions in the Top 10 when you consider that many of the other regions are considerably larger. For instance, the New England region includes five entire states; the Southeast region is comprised of eight states.
Additionally, Ernst & Young did not count pharmaceutical companies, many of which are heavily invested in biotech research and development. Eighty of the world’s largest pharmaceutical companies have a presence in the region.
“When you consider that we are being compared to regions so much larger in size, it’s easy to see that Greater Philadelphia is a hotbed of biotech activity,” said Jim Shannon, Chief Marketing Officer for Select Greater Philadelphia. “The biosciences industry is a critical segment of our regional economy, and a major reason why this region is thriving.”
Select Greater Philadelphia is a business marketing organization dedicated to building the economy of the tri-state Greater Philadelphia region by enhancing the region’s profile and image in order to attract and retain businesses. It is a private, nonprofit organization.
Select Greater Philadelphia markets the region nationally and globally in order to establish Greater Philadelphia as a top-tier place to do business. The Greater Philadelphia region encompasses Southeastern Pennsylvania, Southern New Jersey and Northern Delaware.
Contact: John Miller
215-564-3200 x-14
Philadelphia
Select Greater
CONTACT: John Miller for Select Greater Philadelphia, +1-215-564-3200 x-14