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GEN News Highlights : Apr 23, 2012

Poll Majority Confident that Massachusetts Can Maintain Biopharma Construction Boom

With a combined 3.5 million plus square feet of lab and office space totaling more than $2 billion under construction across Massachusetts, GEN online readers are confident that the Bay State can sustain its biopharma construction boom. A clear majority of respondents (60.3%) said they were very confident Massachusetts will continue as a hotbed of biofacility construction, while 23.8% said they were “somewhat” confident, 11.1% expressed that they were “not very” confident, and the remaining 4.8% were undecided. Pfizer, Novartis, and Shire are among nearly a dozen biopharma companies, research institutions, and developers building new facilities statewide, a list that also includes research institutions like Broad Institute and developers like Alexandria Real Estate Equities. While companies are growing, with aided incentives such as tax breaks, Massachusetts will face increasing competition from global emerging markets offering their own incentives, such as lower wages and less regulatory red tape.