Bucks County’s Pennsylvania Biotechnology Center (PABC) generated $7.3 billion in economic activity over the past six years
One of the nation’s most successful life sciences incubators, the PABC and its members companies contributed at least 1,100 jobs to the region from 2015 to 2021.
Doylestown, May 13, 2022 – The nonprofit Pennsylvania Biotechnology Center (PABC), one of the nation’s most successful life sciences incubators, generated $7.3 billion in economic activity in the region during 2016 to 2021, according to a new study commissioned by the PABC’s management.
During those six years, the Doylestown-area biotech facility produced 1,135 new jobs. Of those, 500 were jobs with PABC-member companies and 635 were jobs in Pennsylvania, excluding Bucks County.
Timothy M. Block, PhD, president, CEO and founder of the PABC, said, “Our primary mission is research and development that leads to treatments and cures that save lives and helps people faced with health challenges, but creating jobs is a side benefit that makes us extremely proud.”
More than 80 companies, mostly small to mid-size science, research and pharmaceutical companies, belong to the PABC. Nearly 50 have operations on site.
An expansion project at the PABC, which comprised a new, two-story building and campuswide improvements, was completed late last year, providing new laboratories, conference rooms, offices and an event space. The PABC received more than $9 million in grants from federal and state agencies for the expansion.
“Entrepreneurs at the Pennsylvania Biotechnology Center have produced more than $2 billion in company value, created hundreds of new jobs and launched several publicly traded companies,” Sen. Steve Santarsiero said. “Our state investments not only spur further economic growth to the area’s biotech sector, but they have the added benefit of helping to save lives and to improve the quality of life for many.”
Congressman Brian Fitzpatrick said: “The Pennsylvania Biotechnology Center is renowned for its groundbreaking research and advocacy for economic development throughout the region. Under Dr. Block’s leadership, the Biotech Center has experienced exponential growth and has impacted the lives of countless Americans across the country while creating new jobs here locally. I applaud the Biotech Center for their decades-long, lifesaving work and countless contributions to our nation through their enterprising scientific research.”
The new study, which is posted here, was conducted by economist Richard M. Stein, principal of KLIO Consulting LLS. It was commissioned by the Baruch S. Blumberg Institute, which manages the PABC.
Louis P. Kassa, MPA, the PABC’s executive vice president and chief operating officer, said that steady growth at the Doylestown-area life sciences facility clearly was increasing its economic impact, but the new report’s numbers were surprising.
“Our previous economic impact study showed that the PABC had produced more than $1.8 billion over three years, which we felt was a major accomplishment, but the new analysis reflects even more impressive results,” Kassa said.
Other metrics demonstrating the PABC’s success that Kassa cites include:
- Nearly $2 billion in member companies’ value (IPOs, stock offering, direct investments).
- About $1.75 billion in combined peak valuation for graduate companies.
- Approximately $1.4 billion million raised for R&D and company development.
Kassa points out that the PABC has been ranked among the top three life sciences incubators in the U.S. Impact Index that is produced by the International Business Innovation Association. The PABC was named as one of the top 10 life sciences incubators and accelerators by Kolabtree, the world’s largest online freelance platform for scientists.