PhDs Can't Find Work as Boston's Biotech Engine Sputters

The Wall Street Journal reports that Boston's once-booming biotech sector has hit a sharp downturn, leaving newly minted Ph.D.s struggling to find work as venture funding dries up, lab space sits empty, and companies downsize or relocate amid rising costs and policy uncertainty. The Wall Street Journal reports: Boston's biotech sector, long a vital economic engine for one of America's wealthiest metro areas, is sputtering. A double whammy of cutbacks in venture capital and government funding have taken a toll, leading to layoffs and struggles for job seekers. For workers who thought they would easily launch into a well-paying science career, the downturn has been especially harsh.

Massachusetts experienced a slight decline in its roughly 65,000 biotech research-and-development jobs in 2024 after years of mostly strong increases, including during the Covid-19 pandemic, according to federal data. The numbers indicate that job losses continued through at least June, while hiring remains sluggish. By the end of September, nearly 28% of greater Boston's laboratory space sat empty, according to the latest estimates from real-estate firm CBRE. 'Every stage of the life cycle has been impacted by policy or regulatory uncertainty this year,' said Kendalle Burlin O'Connell, chief executive of MassBio, an industry trade group. The impact has hit startups especially hard, she said.

A continued downturn poses risks for a region where workers will put up with sky-high real-estate costs if they can land high-paying jobs. Massachusetts faces competition from other states and China, which are eager to peel away talent and investment. 'There are states and countries chasing us every single day,' Gov. Maura Healey said in an interview. In late October, the Democrat testified before the Massachusetts legislature in support of a $400 million 'competitiveness agenda' that she is seeking to spur new investment and supplement research funding lost this year. Lawmakers are reviewing the bill, a House spokesman said.

Read more of this story at Slashdot.