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As a Platinum rated BioReady community by the Massachusetts Biotechnology Council, our city brings together everything that biotechnology, bioengineering, and medical device manufacturing companies need for development, production and commercial success.
We offer a full range of public services, streamlined permitting, and a partnership approach to developing technical support services and financial incentive packages. Medical products manufactured in New Bedford are sold all over the world, showcasing the high quality of our skilled, productive, and affordable workforce.
A state-wide network
The Massachusetts life sciences industry is comprised of approximately 600 biotechnology companies. More than 475 are medical device and equipment manufacturers and more than 75 are pharmaceutical companies. Together they employ 75,000, with 60% of the companies having fewer than 50 employees- a testament to Massachusetts being a hotbed of young, innovative companies.
In 2006, the top 25 publicly traded life sciences companies in Massachusetts generated more than $23 billion in net revenues.
Competitive advantage
New Bedford is home to a number of companies from this cluster including Symmetry Medical, Morgan Advanced Ceramics, and Five Star Surgical. New Bedford offers companies in this cluster all the rewards of doing business in Massachusetts with considerable advantages.
- Lower cost of doing business (20-40% lower wages than Greater Boston; 50-90% lower industrial and residential real estate costs)
- Productive skilled workforce and access to 50,000 college graduates annually
- Business park sites available with an EPA approved master plan plus fast track 60 days permitting
- 5 million gallon/day water sewer capacity
- Surrounded by (less than 1 hour travel time) the nation’s leading centers for medical technology (Boston, Providence, Worcester)
Education
The Massachusetts educational system produces a steady stream of workers to support the life sciences cluster. Many institutions of higher education are proactively planning for the careers of the future. For example, the University of Massachusetts Dartmouth is reforming its undergraduate curriculum to better integrate the teaching of biology with the physical and quantitative sciences.
Financing
Massachusetts has one of the largest concentrations of venture capital in the world. Private investment is enhanced by MassDevelopment’s Emerging Technology Fund, which provides financial assistance to technology-based manufacturing companies seeking to locate or expand their manufacturing operations in Massachusetts.
The Life Sciences Initiative, as proposed by Governor Deval Patrick, addresses the needs of a vertically integrated life sciences industry that is facing fierce global competition. masslifesciences.com/index.html
Incentives
Working closely with our state and local partners, we can develop an innovative package of federal, state, and local incentives designed to meet the specific needs of the biotech and life sciences business cluster.
- Investment and R&D Tax Credits
- Job Creation Incentive Payment
- Federal New Market Tax Credit
- Economic Development Incentive Program
- Workforce Training
- Lending and Gap Financing Programs
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