New York’s Next Big Industry: Commercial Life Sciences
What We’re Doing
Over the past decade the Partnership Fund has committed over $50 million to support the growth of commercial life sciences in New York. We have backed individual companies such as Intra-Cellular Therapies and Petra Pharma. Our BioAccelerate NYC Prize provided some of the first proof-of-concept funding in the city to accelerate the commercialization of academic research. This prize catalyzed New York academic medical centers to raise over $70 million of proof-of-concept funding for their researchers.
In 2019, the Partnership Fund partnered with New York state to incentivize venture fund SOSV to open their life science accelerator program, IndieBio, in New York City. New York state has provided funding to help launch IndieBio NY, and the Partnership Fund will be making follow on investments in the New York-based graduates.
When IndieBio launched its San Francisco program in 2014, they were the first life sciences accelerator and remain the most active investor in life sciences, creating companies that have raised over $2 billion post program. IndieBio NY launched its first cohort in May 2020.
Why New York City?
New York City boasts one of the world’s largest concentrations of bio-medical research institutions, world-class universities, disease-focused foundations, healthcare service providers and proximity to major pharmaceutical operations. It has consistently ranked second in the amount of NIH support received by geographic cluster, after Boston/Cambridge Metro.
NIH Support to Institutions by Geographic Cluster, Federal FY 2018
Life Sciences Development in New York City
The pace of life sciences activity is accelerating, particularly over the past three years.
New York’s Life Sciences Industry is Attracting Record Amounts of VC Funding
Once limited to universities and medical research institutions, New York’s life sciences cluster is now leveraging its talent, the support of the public sector and the strength of its investors into commercial activity as well.
RATIO OF PRIVATE (VC) INVESTMENTS TO PUBLIC (NIH) FUNDING, FEDERAL FY 2018
New York received 30 cents of VC funding for every dollar of National Institutes of Health (NIH) funding received, up substantially from 8 cents in 2017 and 3 cents in 2014.
Ratio of Private (VC) Investments to Public (NIH), Funding Since 2010
In 2010, New York ranked 26th in the nation with just five cents of VC funding for every dollar of NIH received. In 2018, New York received 30 cents, which improved its ranking to 14th in the nation.