Spotlight On: Kendalle O’Connell, CEO & President, MassBio
July 2024 — In an interview with Invest:, Kendalle O’Connell, CEO and president of MassBio, highlighted the strategic partnership with The Termeer Foundation and the proposed $1 billion Life Sciences Initiative, emphasizing MassBio’s role in fostering innovation and supporting early-stage companies in the face of economic challenges.
What key milestones has MassBio achieved in the past year, and how are you advancing biotechnology research?
Last year, we hosted the BIO International Convention with over 22,000 attendees, showcasing the Massachusetts Life Science ecosystem globally. We’re in the third year of the MassBioDrive program, witnessing innovative science and companies from around the world succeed in our ecosystem. We launched the Bioversity Workforce Training Center in the Dorchester neighborhood of Boston, providing training for entry-level jobs in life sciences for community members. We’re now in our third cohort with nearly 40 graduates. Additionally, our second Align Summit in April was a great success, featuring over 50 companies, 100 investors, and where we announced a new strategic partnership with The Termeer Foundation to support founders and young CEOs, promising a bright future for our ecosystem.
How important is collaboration in the life science industry in keeping Massachusetts at the forefront of innovation?
The life science industry in Massachusetts thrives on collaboration between industry, government, and academia. The Life Sciences Initiative, starting with a $1 billion investment in 2008 and reauthorized in 2018 for $640 million, has been pivotal. Last year, Gov. Maura Healey announced plans to reauthorize it, and in March, filed an economic development bill proposing another $1 billion investment over 10 years. The third iteration of the initiative focuses on creating a diverse workforce, establishing leadership in biomanufacturing, and supporting early-stage biotech companies. It’s about attracting and retaining companies in Massachusetts, developed in close collaboration with stakeholders to ensure future readiness.
What are some of the challenges that have impacted MassBio’s operations and members?
Despite market challenges, Massachusetts continues to attract significant investment. In 2023, $7.7 billion in venture capital flowed to Massachusetts companies, with about $3 billion in the first half of this year. The state receives 32% of all U.S. life science VC investment, second only to California. The past 18 months have been tough, especially for seed and Series A investments, with a tight IPO market; however, there is cautious optimism and strong M&A activity. Funding for early-stage companies is vital, as they are the backbone of our ecosystem. MassBio focuses on helping founders navigate this complex landscape, providing expert connections and partnering opportunities.
Policy challenges, such as the Inflation Reduction Act, Bayh-Dole Act amendments, and FTC involvement in mergers and acquisitions, create barriers to innovation. The Biosecure Act, affecting outsourcing to China, also presents challenges but offers opportunities to onshore more manufacturing – an area in which Massachusetts is well-positioned. To address these challenges, we engage in public-private partnerships and advocate for state and federal investments, ensuring our ecosystem remains strong and innovative.
How is MassBio attracting investments to sustain and drive growth?
Our goal is to create an environment where companies want to start, grow, and scale their R&D. Ensuring continued investments is crucial. We recruit companies both nationally and internationally, maintaining Massachusetts as a global leader in life sciences. Our ecosystem’s density is a major advantage, with over 100 academic institutions, 1,000 biotech companies, and 18 of the top 20 global biopharma companies. Strong government support, like winning the ARPA-H Investor Catalyst Hub, further enhances our ecosystem, providing ample collaboration opportunities, a highly trained workforce, and significant investor presence.
Moreover, we’ve recently seen a boom in lab and manufacturing space development, providing much-needed capacity. This allows companies to find suitable space and grow without overcommitting, creates opportunities for international companies, and allows large pharma to establish a presence here – like Lilly’s upcoming grand opening. This availability of space is an opportunity for further growth and innovation.
What innovations or workshops are you integrating to help your members leverage technology?
We’re deep into our 2030 strategic report, focusing on keeping Massachusetts a global leader in life sciences. We’re ensuring our workforce is prepared for the future, especially with AI’s growing impact. We’re also enhancing storytelling to highlight the life-changing work of our member companies, inspiring the community and promoting innovations. Biomanufacturing remains a key focus, and we support early-stage entrepreneurs with funding, investor access, and collaboration opportunities
What is your assessment of the biotech labor market, and how is MassBio working to develop the workforce in the region?
It’s been an interesting year. Despite some restructurings and layoffs, we added 3,000 biopharma jobs in Massachusetts from Q1 to Q3 of 2023. The industry continues to grow, with larger companies focusing on areas likely to succeed. We’re also seeing growth beyond Cambridge-Boston, tapping into new workforce pools. By working with government partners and the Massachusetts Life Sciences Center, we ensure resources and training programs align with regional needs.
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How does MassBio foster community involvement among member companies?
MassBio acts as a convener, connector, and catalyzer, with over 1,700 member companies. We foster collaboration through programs like MassBioDrive, which connects entrepreneurs with mentors, experts, and resources. Our Pharma Day program facilitates partnerships between big pharma and biotech companies and the annual Align Summit is a partnership conference to connect investors with the hottest startups. We also play a significant role in policy, working with government partners at the state and federal levels to keep Massachusetts a hub for innovation. Our economic development efforts help companies navigate and benefit from the Massachusetts ecosystem.
How do you envision the future of the biotechnology industry in Massachusetts over the next five to 10 years, and what role will MassBio play?
We’re at an exciting time with curative innovations like sickle cell therapies from Vertex, CRISPR, and bluebird bio, all Massachusetts-based. These advancements mark the start of what’s possible with cell and gene therapy, and personalized medicine. In the next five years, I believe Massachusetts will remain the best place for R&D and we aim to lead in biomanufacturing, supporting the entire lifecycle of biotech innovation from research to production. There’s no better industry to be involved in. Our industry is patient-driven, focusing on changing lives through therapy and cures. There are so many job opportunities within the ecosystem, particularly in Massachusetts but also globally. The life sciences industry offers high-paying jobs with rich benefits and a meaningful career where you can have an impact on people’s lives.
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