City of Philadelphia: A National Life Sciences Leader

The City of Philadelphia Department of Commerce commissioned ESI to complete a series of analyses that highlight the state and competitive positioning of the life sciences industry in the City of Philadelphia. To help Philadelphia’s life science ecosystem grow, the purpose of this study was to establish a set of clear metrics regarding the industry as well as an understanding of its economic and tax contributions to the city’s economy.

The study included an analysis of:

1. Key Citywide and Regional Assets that support business attraction and retention, including access to major markets, transportation infrastructure, presence of research institutions, cost of living, and other key site selection factors that contribute to economic growth;
2. Life Sciences-Focused Real Estate Development metrics and trends, including documentation of existing supply, pipeline projects, and key districts or clusters of life sciences activities;
3. Total Employment and Average Wages by life sciences industry subsectors, as well as an analysis of the talent pipeline from local institutions and subsequent economic opportunities;
4. Key Research Activities supporting the life sciences ecosystem, including an analysis of funding and clinical trial data as well as private sector investment in the industry through venture capital; and,
5. The Economic and Tax Impacts of life sciences employment, wages, and activities to quantify the industry’s economic footprint in the city.

ESI produced several deliverables that provided the key metrics and analysis related to real estate, employment, innovation and other topics, including 1) a summary of key findings in an outward facing document that Department of Commerce could use for business attraction purposes and to demonstrate the positive economic and fiscal impacts of life science activities for city and state officials and 2) a technical report with background information on the data, assumptions, and methodology for the findings presented in the summary document, so the analysis could be replicated over time.