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MassBio Issues Impact 2020 Report Outlining the Future of Biotech

MassBio Issues Impact 2020 Report Outlining the Future of Biotech

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Published by: Crowdsourcing.org on Apr 03, 2014
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04/03/2014

 
 April 03, 2014 08:00 AM Eastern Daylight Time
CAMBRIDGE, Mass.--(BUSINESS WIRE)--The Massachusetts Biotechnology Council (MassBio), thestate industry association for the life sciences industry, today issued Impact 2020, a strategic report on thestate of the biotechnology and life sciences cluster in Massachusetts. The extensive report issues a call toaction for Massachusetts stakeholders—across industry, academia, healthcare networks, payers andgovernment—to take steps to safeguard the Commonwealth’s definitive, but fragile, leadership position inlife sciences and innovation.
“To preserve this, MassBio and its partners must continue todevelop supportive programs that reduce the startup hurdlesfor tenacious, talented entrepreneurs.”
MassBio’s strategic reports have been key to strengthening the regional life sciences cluster, which todayis recognized as the global leader for life sciences innovation. Developed by consulting firm Health Advances through in-depth interviews of more than 100 thought leaders, Impact 2020 recommends:Driving the conversation on defining value and reward for innovation in the era of outcomes-focusedmedicine;Seizing a leadership opportunity at the intersection of IT and life science;Evolving funding models for early stage companies and innovative ideas;Improving workforce development to ensure a workforce trained for the jobs of the future andsupport downstream expansion; andHighlighting patient stories to showcase the impact of innovation taking place in Massachusetts
MassBio Issues Impact 2020 Report Outlining the Future of Biotech
Recommendations Hold Implications for Defining Healthcare Value in the ACA Era and Beyond 
 
“While we are riding a renaissance of life sciences funding, scientific advances and new product approvalsin 2014, Impact 2020 identified real threats to the long-term viability of the model,” said Robert K.Coughlin, President & CEO of MassBio. “We must take action to ensure our ability, regionally and as anindustry, to continue delivering breakthroughs that benefit patients worldwide.”Impact 2020 examines the balance between value-based, evidence-based medicine in the era of healthcare reform and the uncertainty it creates for investors and entrepreneurs who seek reward for innovation and risk-taking.“We all need a thoughtful approach to determining how new, life-changing therapies are valuated and paidfor,” said Geoff MacKay, outgoing Chairman of the MassBio Board of Directors and President & CEO of Organogenesis Inc. “That dialogue needs to include private payers, Medicare, providers and thecompanies developing new treatments, to ensure that the needs of patients remain our core focus.”The report also analyzes new challenges in capital formation to fund new companies and drive forwardnew potential medicines, diagnostics and devices. As the cost and risk of bringing new products to markethas increased, traditional investors have evolved models that spread that risk. New players, includingdisease foundations, wealthy individuals, and even crowdsourcing organizations are filling a void left by adecrease in traditional sources of capital.“With its unprecedented concentration of uniquely skilled talent, leading hospitals, world renownedacademic institutions, pharmaceutical research centers, and deep financial resources, Massachusetts haslong been the ideal place to start a new biotech company,” said Glenn Batchelder, incoming MassBioChairman and Founder of Civitas. “To preserve this, MassBio and its partners must continue to developsupportive programs that reduce the startup hurdles for tenacious, talented entrepreneurs.”Impact 2020 includes additional analysis and recommendations around the region’s opportunity at thenexus of IT and healthcare; the need to expand of workforce development programs that reduce ‘door tofloor’ time; and Massachusetts’ biomanufacturing capabilities and the opportunity for downstreamdevelopment, among other topics.
About MassBio
The Massachusetts Biotechnology Council is an association of more than 620 biotechnology companies,universities, academic institutions and other organizations dedicated to advancing cutting edge research.We are the leading advocate for the Bay State's world premier life sciences cluster.

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