GEN Releases 2024 Top Biopharma Clusters: Chicago Climbs to 9th Place
Genetic Engineering & Biotechnology News (GEN) has unveiled its annual list of top biopharma clusters for 2024, with Chicago making a notable ascent in the rankings. The Windy City has moved up one spot to 9th place, surpassing Seattle and positioning itself just behind North Carolina.
Chicago’s rise in the rankings can be attributed to several key factors:
- Recent growth in wet lab developments
- Securing the Chan Zuckerberg Initiative (CZI) expansion
- The increasing prominence and growth of the AI sector in the region
While these rankings can be subjective, they reflect the significant growth and potential within Chicago’s biopharma community. The city’s climb in the rankings is particularly impressive given the strong competition from other established and emerging biopharma hubs.
North Carolina, which holds the 8th position, has experienced double-digit growth in both employment and facilities over the past five years, setting a high bar for competition. Meanwhile, Seattle, previously ranked 9th, has now been overtaken by Chicago.
To continue its upward trajectory in future rankings, access to capital will be crucial for Chicago’s biopharma sector. The venture capital markets are showing signs of recovery after a nearly two-year downturn, and the deployment of this capital into the Chicago community will be critical for sustained growth.
Currently, much of the available capital is flowing into existing mega-clusters and some growth-stage clusters like Houston and Colorado. For Chicago to compete effectively, it will need to attract a larger share of these investments.
Later this year, the Illinois Biotechnology Innovation Organization (iBIO) is set to release an updated economic report for the Chicago biopharma community. This report is expected to provide more detailed insights into the sector’s growth and economic impact.
While we await the iBIO report, those interested in exploring the full rankings and analysis can find the complete listing on the GEN website.
As Chicago’s biopharma sector continues to evolve and expand, its rise in the GEN rankings serves as both a validation of recent progress and a challenge to maintain this momentum in the face of fierce competition from other leading biopharma clusters across the United States.
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This article was originally published on iBIO NewsBrief. Gain a head start on your day with iBIO NewsBrief. Subscribe to receive top industry headlines delivered straight to your inbox.