Philadelphia Makes List Of Country's Biopharmaceutical Hotspots
PHILADELPHIA (CBS) – Step aside, Silicon Valley. Philadelphia is apparently one of the top 10 "biopharma" clusters in the country.
To be fair, Silicon Valley was still number one -- that's a given. But Philadelphia ranked a pretty strong seventh, cited for its "diverse concentration of biopharma businesses and institutions," including 25 medical schools.
According to Genetic Engineering and Biotechnology News (GEN), five criteria were used to compile the list: new innovation, NIH funding, venture capital funding, total lab space in the region and number of jobs.
While Philly ranked fourth for NIH funding, it came in seventh for patents and in drawing private capital, putting it in the seventh spot. Seattle ranked sixth, while Raleigh-Durham, NC came in eighth.
Of course, the top three "biopharma clusters" will come as no surprise. San Diego ranked third, Boston came in second and the aforementioned San Francisco was number one.
"Biopharma" is short for biopharmaceuticals, which are described as medical drugs produced using biotechnology.
To see GEN's full list, click here.