Massachusetts Invests $17.3 Million in Tax Incentives to Boost Life Sciences Sector
The Massachusetts life sciences industry is set for significant growth, as the Healey-Driscoll Administration and Massachusetts Life Sciences Center (MLSC) announce a $17.3 million tax incentive program aimed at creating 806 new jobs in the sector this year. This initiative underscores the state's commitment to maintaining its position as a global leader in biotechnology and pharmaceutical innovation.
Widespread Job Creation Beyond Boston and Cambridge
In a strategic move to diversify the state's life sciences landscape, 98% of the new positions will be located outside the traditional hubs of Boston and Cambridge. The program will benefit 25 companies, with 23 of them adding jobs in various locations across Massachusetts.
Medtronic, the recipient of the largest tax incentive at $4.85 million, plans to create 220 jobs in Billerica. Other significant contributors to job growth include Repligen (63 jobs in Hopkinton), AbbVie (60 in Worcester), TransMedics Group (55 in Andover), Genezen (50 in Lexington), and IPG Medical (50 in Marlborough).
Long-Term Commitment and Economic Impact
The tax incentive program requires participating companies to retain the newly created positions through December 31, 2027. This long-term commitment ensures sustained economic growth and stability in the life sciences sector.
Governor Maura Healey emphasized the global impact of Massachusetts' life sciences industry, stating, "The breakthroughs happening here in Massachusetts don't just strengthen our local innovation economy—they're saving lives and changing the world."
MLSC President and CEO Kirk Taylor echoed this sentiment, highlighting the state's role in fostering innovation: "The next generation of cures, treatments, and technologies will be developed here in Massachusetts because we are investing in the companies who will discover them today."
Building on Previous Success
This latest round of incentives builds upon the program's track record of stimulating job growth in the life sciences sector. In June, a previous round of awards totaling $30 million was distributed to 33 companies, expected to create 1,519 positions. To date, the tax incentive program has facilitated the creation of more than 20,700 jobs in Massachusetts' life sciences industry.
The continued investment in this sector not only strengthens Massachusetts' position as a global leader in life sciences but also promises to drive innovation and economic growth across the state for years to come.
References
- $17M in Tax Incentives Will Add 800 Life Sciences Jobs This Year in Massachusetts
Of the 25 companies receiving tax incentives in Massachusetts, 23 will add jobs outside of Boston and Cambridge. Medtronic, which is receiving the largest award, will create 220 roles in Billerica. Other recipients include AbbVie, Dyne Therapeutics and Viridian Therapeutics.
Explore Further
What are the specific criteria that companies must meet to qualify for the $17.3 million tax incentive program?
How does the distribution of job creation outside Boston and Cambridge impact the overall life sciences workforce in Massachusetts?
What advancements or innovations are expected from the companies receiving the largest tax incentives, such as Medtronic and Repligen?
What are the long-term plans of the Healey-Driscoll Administration for further investing in the life sciences sector beyond 2027?
How does the $17.3 million program compare to the previous $30 million round in terms of expected economic impact and job creation?