Minnesota's Life Science Industry Sees Increased Investment
There had been rumblings that investment in the life science industry in the state of Minnesota was slowly declining. According to industry analysts and a new report from LifeScience Alley, a firm out of Minnesota, those claims seem to be false. Instead of the life sciences’ investment declining, it’s actually increasing, jumping from $188 million in 2012 to $341 in 2013. The investment numbers were uncovered through a number of sources, some official and public through government regulatory bodies, and some unofficial and released confidentially. Either way, the numbers are quite encouraging for the state’s industry, which some had seen as slowly losing steam after 2010.
More investment in the life sciences means that a number of new opportunities and technological advances could soon be on the horizon. Minnesota already has state laws encouraging pharmaceutical companies to move within its borders, and the increased investment could attract more companies looking to cash in on the favorable conditions. Technological advances are the natural byproduct of such competition and investment, and the growing medical industry isn’t slowing down anytime soon. That means that there will continue to be a demand for medical technologies and pharmaceutical drugs that these companies specialize in producing and upgrading.
While investment has increased over the past few years, some might still argue that the numbers aren’t sustainable. No investment is sustainable indefinitely, but it seems like life sciences companies in the state of Minnesota are going to have favorable conditions for the foreseeable future. Federal and state legislation increasing the participation and consumption in the medical industry means higher sales and greater demand for products. That means more jobs will be created, and more investment is likely to flood the industry over the next several years as companies adapt to the new market conditions.