What's Happening?
Maryland is emerging as a leader in the U.S. life sciences industry, boasting significant talent in research and development (R&D) and manufacturing. The Washington, D.C.–Baltimore market ranks third for R&D talent and sixth for manufacturing talent. Maryland's bioscience industry has seen employment growth of 16.4% from 2019 to 2023, outpacing national averages. Companies like AstraZeneca are expanding their presence in the state, leveraging the skilled workforce. The state benefits from talent sourced from federal agencies and universities, adapting to technology-driven workforce needs.
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Why It's Important?
Maryland's robust life sciences sector is crucial for economic growth and innovation. The state's ability to attract and retain top talent supports the development of cutting-edge technologies and therapies. This growth enhances Maryland's competitiveness in the national and global markets, fostering job creation and investment. The focus on adapting to technological advancements ensures the industry remains resilient and responsive to changing demands.
What's Next?
Maryland is expected to continue its growth trajectory in the life sciences sector, with ongoing investments in R&D and manufacturing. The state is working to address workforce needs through initiatives like BioHub Maryland and partnerships with universities. The industry is exploring alternative funding strategies, such as co-development and asset licensing, to sustain growth. Maryland aims to strengthen its position as a leading life sciences hub, attracting more companies and talent.
