The life sciences sector in Washington has experienced a remarkable expansion, according to the latest economic impact report from Life Science Washington.
Between 2013 and 2023, the industry witnessed a significant job growth of 50%, increasing the total number of employees in the state to 47,898.
This surge in growth represents a pivot from the historically steady development of the past two decades.
As Marc Cummings, CEO of Life Science Washington, notes, the industry has really taken off in the last ten years.
The report attributes this growth to local companies diversifying through both organic expansion and acquisitions, consequently adding commercial and manufacturing jobs.
Washington is now home to over 1,180 life sciences organizations spread across 139 cities.
Greater Seattle has emerged as the leading hub for life sciences in the state, offering a wealth of talent for the industry.
A recent CBRE report ranked Seattle ninth for life sciences research and development talent and eleventh for life sciences manufacturing talent.
According to Thijs Spoor, CEO of Perspective Therapeutics, Seattle’s deep bench of skilled professionals is a major draw for businesses.
Perspective Therapeutics was formed through a merger between Iowa-based Viewpoint Molecular Targeting and Richland, Washington-based Isoray.
Spoor emphasized that the vibrant biotech community in Seattle provides a robust talent pool well-versed in various stages of company development.
He also highlighted the influence of local universities, which are producing new graduates ready to enter the workforce.
“It’s really a pretty diverse talent pool that has a good quality of life and tends to be pretty sticky to the companies that they join,” Spoor stated.
Greater Seattle’s appealing lifestyle—scenic mountains and ocean, year-round outdoor activities, and an exceptional food scene—makes it an attractive place for professionals, particularly for those looking to settle down.
Spoor remarked that local employment opportunities are more appealing than relocating to pricier cities like Southern California or Boston.
Cummings further illustrated the homegrown character of Washington’s life sciences sector, noting that many companies have spun out of local research institutions.
The University of Washington, located in Seattle and known for its Institute for Protein Design (IPD), is a prime example.
The IPD’s labs are home to the notable Baker Lab, led by computational biologist David Baker, who shared the Nobel Prize in Chemistry for his work in computational protein design last year.
One of the emerging companies from the IPD is Xaira Therapeutics, launched in 2023 and co-founded by Baker, which employs artificial intelligence (AI) for drug discovery.
While headquartered in San Francisco, Xaira maintains a presence in Seattle as well.
AI’s significance has permeated many Washington life sciences companies.
Some utilize AI to optimize their operational processes, while others, like A-Alpha Bio, emphasize AI as a core aspect of their business model.
A-Alpha Bio, a Seattle-based early-stage biotech firm, uses synthetic biology and machine learning to analyze and predict protein-protein interactions.
Although Cummings believes Washington holds a leading position in integrating AI within the life sciences sector, he acknowledges that its strengths are sometimes overshadowed.
He explained that Silicon Valley continues to receive significant recognition for its advancements, but the cutting-edge innovations emerging from Washington, particularly from the Baker Lab, deserve attention.
Looking forward, Life Science Washington has set four key policy priorities in its economic impact report.
These priorities include supporting entrepreneurship and startup mentoring programs, ensuring the development of a sufficient workforce, maintaining favorable business, tax, and regulatory policies for R&D, and investing in both research and educational facilities.
Cummings emphasized the primary focus on promoting entrepreneurship, given that Washington tends to cultivate its life sciences firms rather than attracting them from outside the state.
Life Science Washington aids entrepreneurship through its Washington Innovation Network program, where organizations are matched with mentors experienced in commercialization and business strategies.
This initiative typically aims to assist these businesses in raising Series A funding, having already led to 43 companies graduating with a total of $3.2 billion in follow-on funding.
He further expressed optimism about the future of startups in Greater Seattle, expecting an upsurge over the next five years.
Spoor stated that recent exits would create opportunities for those with capital, particularly individuals willing to take risks by investing in earlier-stage ventures.
This budding environment for startups aligns with the pioneering ethos that has characterized Washington’s life sciences sector as it continues to flourish.
Cummings remarked that while other regions may prioritize Big Pharma objectives, Washington has retained a focus on biotech and medical device innovation.
“You have a little more freedom to kind of take big swings and go after big science here,” he noted, highlighting the unique opportunities available in the state’s growing life sciences landscape.
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