by Brian Johnson, President, MassMEDIC
Massachusetts is the heart of healthtech, with more than 420 medical device companies calling the Commonwealth home. The industry is an essential part to our economy, representing one out of every four products exported by the Commonwealth and employing more than 25,000 workers directly, and tens of thousands more, when you count service providers, such as contract manufacturers, regulatory and reimbursement consultants, component makers and other associated partners.
Massachusetts leads the nation in medical device exports and ranks second in the nation in FDA 510(k) clearances and Premarket Approvals (PMA), patents, venture funding, and total venture deals. Further, the impact of this industry stretches far beyond our borders. Every piece of medical equipment created in Massachusetts can help heal people across the globe.
The Boston/Cambridge market recently ranked number one overall on CBRE’s inaugural Life Sciences Talent Report, producing the highest number and density of talent. Boston benefits from its substantial number of universities and top-tier research institutions that produces the most well-educated and diverse-gendered workforces in the nation, according to the report, which identifies the top 25 life sciences labor markets in the country. And, in a show, that this is not just the tale of one region, Worcester, a traditionally blue collar, industrial town, one-hour west of Boston, ranked 15th in the country in the same report.
Medical device manufacturing is booming in Massachusetts. For the first time in generations, we have a true opportunity to create high-paying, domestic manufacturing jobs in a high-growth industry, right here in the Commonwealth.
And yet, with all our strengths, even our region is facing challenges that must be overcome.
I have traveled the state with colleagues from fellow industry groups and hear the same story over and over. Our industry is suffering from a workforce crisis. Employers are struggling to fill hundreds of open manufacturing jobs despite offering starting salaries upwards of $85,000, even when those jobs require little more than a high school diploma.
It is with these thoughts in mind that I encourage you to come together with your industry peers at the largest medical device technology gathering in the world – The MedTech Conference – in our own backyard this October. By collaborating to solve industry issues and joining forces to strengthen our industry, together, we can ensure our success. Contact us to learn more about how you can take advantage of exclusive opportunities available only to New England Pavilion participants.