Charleston Emerges as Leading Hub in Life Sciences
Charleston, South Carolina is burgeoning as one of the fastest-growing metropolitan hubs in the life sciences sector within four years. The amount of life sciences establishments in Charleston has grown by a whopping 67% from 2018 to 2022, according to recent data.
The Life Sciences Establishment Success in Charleston
This growth is spearheaded by SCBio, a dedicated organization that ensures businesses in the life sciences sector access the resources necessary for their success. Charleston and Greenville have become attractive destinations for potential talents in the life sciences realm, thanks to the policies and initiatives undertaken by the state authorities and organizations like SCBio.
Life Sciences as South Carolina’s Top Priority
Life sciences has become a top priority area for the South Carolina Chamber of Commerce. The importance given to this field is a significant paradigm shift from previous years. The life sciences industry of South Carolina, which comprises biotech, pharmaceuticals, biomedical technologies, medical devices, health IT, bio-ag and related areas, holds an estimated annual economic impact of $26 billion statewide.
A Magnet for Talent
Charleston compares favorably to its competitors in terms of the number of residents holding degrees in life sciences-related fields. Eighteen percent of Charleston residents over 25 years old are degree holders in these fields, surpassing competitors like Indianapolis, Salt Lake City, and Phoenix.
Role of Medical University of South Carolina (MUSC)
The rise in Charleston’s life sciences landscape has also been backed by investment in education, especially from the Medical University of South Carolina. MUSC houses 55 active life sciences startup companies and ranks fourth nationwide for patents issued per capita over the last decade.
However, Charleston faces a challenge in accommodating new entrepreneurs due to the lack of available lab space. To address this, MUSC is planning to open ‘Blue Sky Labs’ from July onwards. This facility will give innovators a platform to hone their creations, test new concepts, and share ideas in a supportive environment.
Innovation District and Accelerator Program
Apart from establishing lab space, measures to create an innovation district in Charleston are also being put forth under MUSC President David Cole’s plan. The SCbioDrive Accelerator for Emerging Life Science Companies will also be coming to Charleston. This program is slated to attract investors, companies, and MassBio companies.
The ecosystem provided by Charleston for the life sciences sector is being constantly highlighted and promoted. SCBio and other local stakeholders are putting in collective effort to ensure that aspiring businesses are not only well-versed with the science, but are also equipped with the business acumen required for success.
