Life sciences and higher ed leaders chart Boston’s path forward
November 2024 — The Invest: Boston 2024 Launch Event, set against the backdrop of Massachusetts’ status as a global life sciences hub, featured the panel discussion, “Integral players: How life sciences and higher ed are shaping Boston’s future, and what challenges must be overcome.” Presented by Chet Szablak, executive vice president of Enterprise Bank, and moderated by Capital Analytics President and CEO Abby Lindenberg, the panel highlighted both Boston’s achievements and the challenges it faces as a world leader in life sciences innovation. Panelists Julie Chen, chancellor of UMass Lowell, and Sohail Masood, founder, chairman and CEO of KabaFusion, explored the industry’s rapid advancements and the critical need to foster talent within a competitive market.
Boston’s life sciences sector, which includes global leaders like Biogen, Moderna, and Takeda, has become one of the most robust ecosystems for biotech and healthcare innovation in the U.S. According to MassBioEd, the state’s life sciences employment grew 11.6% from 2021 to 2023—almost double the national rate—and is expected to add 38,000 jobs over the next decade. New research facilities like Eli Lilly’s Seaport Innovation Center and Novo Nordisk’s expanded Greater Boston campus are emblematic of this sustained investment.
“Massachusetts’ academic community is one of our greatest strengths,” said Chen. “We produce thousands of skilled graduates every year, and our challenge now is ensuring they see Massachusetts as their long-term home.” Chen stressed that retaining this talent is critical for sustaining Boston’s life sciences leadership. She noted that affordability is a recurring concern, pointing out that opportunities outside the city center could offer young professionals an affordable entry point into the local workforce. “With 500,000 college students here, the potential for partnership between academia and industry is huge. But we need to make the state accessible if we want to keep them,” she said.
Masood, whose company KabaFusion specializes in home-based infusion therapy, described the challenges and potential of the healthcare sector as it intersects with advanced life sciences. “Home infusion therapy allows patients to receive treatments in the comfort and safety of their own homes,” he said, emphasizing how KabaFusion’s model reduces the need for hospital stays. “We’re at the forefront of an evolving model that prioritizes patient comfort and convenience.” Masood added that KabaFusion’s programs are also designed to help students build practical skills through internships and residencies. “Our goal is to prepare the next generation for real-world scenarios,” he explained. However, Masood noted that many pharmacy and nursing programs often overlook sectors like home infusion, a gap KabaFusion hopes to address.
Automation and technology advancements are transforming healthcare, and the panelists agreed that Boston’s educational institutions must adapt to prepare students for these shifts. “We’re focused on equipping students with a versatile skill set,” Chen said, citing a growing emphasis on STEM programs and interdisciplinary studies. UMass Lowell’s initiatives, such as its involvement in the Lowell Innovation Network Corridor, aim to position graduates for success in biotech and life sciences. “The corridor connects students with companies like Keurig Dr Pepper and Mass General Brigham, giving them hands-on experience that’s vital for adapting to technological advancements,” Chen added.
Addressing the financial and operational barriers in healthcare, Masood explained that drug pricing and reimbursement remain ongoing challenges. With the rise of personalized medicine and gene therapies, he foresees increased pressure on insurers and patients alike. “As new therapies emerge, affordability is key,” Masood noted, mentioning that KabaFusion works with nonprofit organizations and drug manufacturers to help patients manage out-of-pocket costs. “We’re doing our best to ensure life-saving treatments remain accessible,” he said.
The panel underscored the critical importance of regulatory stability for Boston’s life sciences sector, which has faced recent volatility amid news that Robert F. Kennedy Jr. is a candidate for Health and Human Services Secretary. This announcement has unsettled some in the sector due to Kennedy’s vaccine skepticism and his potential impact on regulatory policies affecting drug development and approval. Masood emphasized that the life sciences industry “needs consistent, evidence-based policies” to advance innovations like home infusion therapy, which depend on supportive, predictable frameworks. “Fluctuating regulations could disrupt ongoing research and development,” he noted, stressing that stability is vital as companies introduce complex and often costly treatments into the healthcare system.
Chen emphasized that industry-academic collaboration remains a key driver for innovation. Programs like UMass Lowell’s partnership with MassBio are helping to bridge the gap by providing on-the-job training and access to industry networks. “When students have early exposure to the life sciences, they’re more likely to build lasting careers here,” Chen said, adding that recent state tax credits for internship programs could further strengthen these ties. “By fostering these relationships, we create a talent pipeline that fuels both growth and resilience.”
As Boston looks to the future, the panelists agreed that cooperation across academia, industry, and government will be essential for continued success. “We’re all working toward the same goal,” Masood concluded. “To build a healthcare system that leverages Boston’s strengths while keeping patient access and innovation at the forefront.”
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