By Michelle Gregory, Life Science Leader
Read the full story on LifeScienceLeader.com.
The life sciences industry contributed nearly $4 billion to the U.S. economy in 2021 and is expected to continue growing an average 7% to 8% per year over the next five years. With an increasing number of government initiatives behind it, more investment from both public and private sectors being funneled in, lingering effects of the COVID-19 pandemic, and a steadily growing shift in consumer preference from traditional healthcare to more proactive and personalized approach, it’s an industry rich with opportunity. Yet it’s relatively new and uncharted territory for many businesses who find themselves on the precipice of incredible growth but may be unsure where to plant roots for long-term health and stability.
Perhaps it’s time for an industry driven by ingenuity and innovative thinking to apply those skills to the relocation search. As life sciences’ explosive growth has taken shape over the past decade, many of America’s less conspicuous cities have been quietly working behind the scenes, laying the groundwork to become the go-to markets for the industry’s leading research, testing, and product development companies.
“Cities that haven’t traditionally been considered as expansion destinations are now capitalizing on their unique infrastructure and relationships to support a diverse range of life science investments,” said Jeff Seymour, president & CEO of the Oklahoma City Innovation District. “Oklahoma City, for instance, has leveraged its history of leadership in the energy industry to take this same pioneering spirit towards investments in bio-manufacturing. We are using our same approach to long-term investments in that industry to expand our capabilities in third-party manufacturing, clinical trials, and specific science and technology for rural and diverse populations to benefit a wide swath of Americans in the same way energy independence is important to our national interest. Considerable strides have been made in positioning our region as a viable option for future partnerships based on innovation, accessibility, collaboration, diversity, and advanced technology to serve an industry focused on infrastructure and affordability.”
Today’s business leaders could serve themselves well to look beyond the traditional, more well-known science hubs on the nation’s coasts and toward the center regions — where they may be surprised to find cities and regions that can provide smart, cost-effective answers to their most essential questions: will this location be able to provide the resources and access to services critical to my business? Is local leadership engaged and invested in the future of my industry? Are there diverse communities and populations within the region who could benefit from public health solutions? How motivated are both public and private entities to generate funding? Is there strategic planning for the long term?