Growing Bioscience in Northeastern Pennsylvania
Healthcare, education, government, private sector, and economic development leaders in NEPA have focused on growing bioscience employment within our region by capitalizing on the worldwide growth of this industry.
The combined strength of the knowledge-based businesses, healthcare institutions, higher education institutions, entrepreneurs and researchers, located in the 8-county region provides the basis for the success of the Northeastern Pennsylvania Regional Bioscience Initiative (NEPA RBI).
NEPA provides many built-in advantages to any business, particularly to the bioscience industry. Healthcare and higher education institutions' responsiveness to company needs are focused on technical training programs. These assets allow opportunities for bioscience-based companies to collaborate with different firms within the industry. NEPA's location in relation to major East Coast markets is an advantage, combined with our lower costs of living and doing business.
Key Industries > Overview
Our region has established assets in Direct Patient Care, Medical Equipment; Research & Testing; Information Storage & Processing; Services & Logistics; and Pharmaceuticals.
Bioscience related industries account for one-third of the total 8-county economy. Building on large investments, NEPA RBI capitalizes on more than $250 million in health science facilities built recently by The Commonwealth Medical College (TCMC) and universities throughout the region.
The strength of 14 colleges and universities, as well as multiple technical programs enhance the attractiveness of the region to businesses looking to recruit and retain talent. Our educated workforce is the foundation of NEPA RBI. Building on these strengths, NEPA RBI is committed on growing the regional economy through focusing collective energies and resources in three areas:
NEPA has a proven track record in these three sectors and numerous assets to successfully build upon for businesses looking to expand, start-up, or relocate to the region. We are ready to welcome your idea, investment, and/or company to the area and we will work every step of the way to support your vision.
Regional Economic Profile
The economic profile of Northeastern Pennsylvania reflects an area that is well positioned to assist existing, new and emerging bioscience sector industries and foster the continued growth of a healthcare-based economy. Recent investments of more $250 million in life sciences by The Commonwealth Medical College and other higher education institutions combined with a committed investment of more than $200 million to upgrade and expand regional healthcare facilities is changing the face of healthcare, delivery of services and the business climate in the region.
Companies currently located in the region, including Sanofi Pasteur, Benco Dental, Pride Mobility, Calvert Labs, Corning Life Sciences and CVS Caremark, find a Northeastern Pennsylvania location beneficial. More than 80 million consumers within on overnight drive of Northeastern Pennsylvania can be accessed from our superior transportation network. Companies located in the region have a cost savings of 26.5 % less than doing business in New York and 21.1% less than Philadelphia.
Utility rates are significantly lower as compared to nearby metropolitan areas. Reliable, affordable electricity and a world class telecommunications system offers high-speed technology service to our diverse business community.
Workforce is one of the greatest assets of Northeastern Pennsylvania. Employee projections in the Healthcare sector are projected to increase by 14.3% and 17.2 % within Logistics over the next five years. Within a 100-mile radius of the 8-county region, there are a total of 233 degree granting higher education institutions; of which 191 report majors in biological, biomedical, health and science fields. There are currently over 147,000 residents living in NEPA with a Bachelor’s degree or higher; of which, approximately 14,000 have a degree in Biological/Agricultural/Environmental or Physical/Related Sciences.