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 campus-wide 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.
Louis P. Kassa, MPA, the PABC’s executive vice president and chief operating officer, said other metrics demonstrating the PABC’s success 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.
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