Intelligent Investment
Philadelphia Market
Global Life Sciences Atlas
April 11, 2025 5 Minute Read
Overview
- The Philadelphia life sciences cluster is one of the most significant in the U.S., with a strong longstanding presence of the big pharma industry, and has also emerged recently as a top center for cell and gene therapy innovation.
- Almost 55,000 work in the Philadelphia’s life sciences industry, with nearly 19,000 in life sciences research and development (R&D) roles.
- Philadelphia has 11.6 million sq. ft. of life sciences lab/R&D space and 1.4 million sq. ft. under construction.
- Between 2019-2024, Philadelphia life sciences companies secured more than $6.5 billion in life sciences venture capital funding, the eighth-highest amount in the world.
- Supporting a dynamic life sciences ecosystem are world-renowned universities (University of Pennsylvania, Drexel University, Temple University, among others), leading healthcare institutions (Jefferson, Penn Medicine, Children’s Hospital of Philadelphia) and prestigious research institutes (Wistar Institute, Coriell Institute, Monell Center).
- In FY 2024 the National Institutes of Health (NIH) allocated almost $1.3 billion—the seventh-highest amount in the U.S.—to organizations in Philadelphia for healthcare and life sciences initiatives.
Submarkets
Industry Presence
- The roughly 55,000 people who work in Philadelphia’s life sciences industry comprise 2.2% of total employment in the Philadelphia region, exceeding the 1.4% average for the U.S.
- More than 2,500 clinical trials completed in region from 2019-2024.
- Philadelphia life sciences companies secured more than $688 million of venture capital funding invested last year, the ninth-largest amount in global metros.
Life Sciences Venture Capital Investment Trends
Figure 1: Life Sciences Venture Capital Funding
Life Sciences Market Stats
Figure 2: Market Overview
Development Pipeline or Activity
Figure 3: Lab/R&D Space Under Construction
Featured Projects:
- Spring House Innovation Park
- Delivering Q2 2025, 48% preleased to Nucleaus Radiopharmaceuticals
- Building 14 – 106,000 sq. ft.
- Beacon Capital
- Avantor
- Cencora
- Century Therapeutics
- GSK
- Iovance
- J&J
- Merck
- Pfizer
- SK Pharmateco
- Spark Therapeutics
- West Pharmaceuticals
- Wuxi
- Children's Hospital of Philadelphia
- Drexel University
- Monell Center
- Penn Medicine
- Science Center
- Temple University
- Thomas Jefferson University
- University of Pennsylvania
- Wistar Institute
Global Life Science Markets
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The New Jersey life sciences cluster is one of the nation’s most mature, with deep, historical presence of the pharmaceutical industry. Almost 83,000 people work in the local industry, the fourth-largest workforce in the U.S.
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The New York City life sciences cluster has demonstrated significant growth and momentum over the last several years. Almost 59,000 people work in the industry in New York City proper and its adjacent counties.
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The life sciences cluster stretching across the Washington, D.C.-Baltimore region is one of the most important in the U.S., bolstered by the presence of federal government agencies and world-renown universities.