Thursday, June 30, 2011

Massachusetts aims to host largest biotech convention in 2012

By Lori Valigra, Mass High Tech correspondent

The venue for this year’s annual Biotechnology Industry Organization (BIO) convention, ending today, may have been the nation’s capital, but the Massachusetts delegation to the show, anchored by Governor Deval Patrick and Boston Mayor Thomas Menino, loudly drummed its “Road to Revolution” theme to attract attendees to next year’s show in Boston, to be held June 18-21, 2012.

“The most successful BIO is the previous convention in Massachusetts,” Governor Patrick said during a series of events at the expansive, two-level Massachusetts booth. “We want to make this one better.”

The 2007 event in Boston broke previous attendance records with 23,000 people, and next year’s show is expected to be another record-breaker with 26,000 attendees, he said.

“We’re a title town,” Mayor Menino said at a keynote luncheon at BIO, alluding to the recent series of sports titles. “We have all the world championships.”

The event is a boost to the city’s economy as well, having generated $24.1 million in economic impact over four days in 2007. Early estimates have the 2012 event generating $30.1 million in economic impact. BIO officials project they will need 10,000 rooms on peak nights in 2012, with a total of approximately 41,200 total room nights.

The governor said he held a meeting two days ago with home-grown companies to talk about host opportunities at BIO 2012, including how the companies might show their experiences and what is happening in the state.

Back in Washington, the commonwealth hosted a series of events, including a clam chowder reception during which the governor, mayor, and Senate President Therese Murray talked up Massachusetts as a leader in the life sciences, and announced R&D tie-ups with Israel, Finland and Northern Ireland. There also was a breakfast at Legal Sea Foods with prospective attendees and exhibitors, which was also attended by Sen. John Kerry.

At the heart of the discussions was the state’s life sciences initiative, announced at BIO 2007 and enacted in 2008, which provides $1 billion in spending on the life science industry over 10 years. To date, Governor Patrick said, the initiative has invested more than $200 million, which drew in more than $700 million in private industry matching funds from venture capitalists, private funders and big pharma. It also has created more than 7,000 direct new jobs, he said. “That’s a two or three to one multiple in the life sciences industry,” he said, adding that the job creation leads to wealth creation and revenues.

Regarding the announcements of international tie-ups, the governor said he also is looking in other geographical areas including the U.K., Brazil, China and India for potential tie-ups, though that work is early on. “We’re looking for compatible economies with educational and intellectual capacity, he said.” The U.K. was a stop on the trade mission that included Israel earlier this year.