Report: MA biotech sector still strong
A new industry report says Massachusetts continues to be a national leader in the biotechnology sector, though its rate of job growth has slowed over the last decade.
The snapshot released on Thursday by the Massachusetts Biotechnology Council says employment in the biopharmaceutical sector grew by 19.7 percent from 2005-2009, compared with growth of 28.6 percent from 2000-2005.
The council’s report says biotech jobs account for nearly $4.2 billion in payroll in the Bay State, with an average annual salary above $90,000.
The report also says venture capital funding for biotech firms has remained steady despite the economic slowdown, with investment reaching an all-time high over the first two quarters of 2010.
The report used data from the U.S. Bureau of Labor Statistics and other sources.