Philadelphia: Top 10 U.S. Biopharma Clusters
Drop in venture capital financing reshapes regional rankings, as investors and others debate health of the life sciences industry
Greater Philadelphia ranks highest in patents, fourth with 14,969. The region is sixth in lab space (22.8 million square feet according to Colliers) and NIH funding (4,493 awards totaling $2.343 billion). However, Philly and vicinity rank ninth in jobs (71,286, according to Select Greater Philadelphia) and venture capital ($600 million in 2022, $280.27 million in January–June 2023 according to Select Greater Philadelphia citing Dealforma data). Raising VC within Greater Philly is an ongoing challenge: “We need a $10 billion fund that’s Philly-focused,” said Audrey Greenberg, co-founder and chief business officer of the Center for Breakthrough Medicines in King of Prussia, told Philadelphia Magazine in May.