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Philadelphia is the place to be for innovation in the life sciences

Strengthening Partnerships, Expanding Opportunity

Greater Philadelphia is rich with life sciences companies and is home to some of the nation’s top hospitals, from academic medical centers such as the University of Pennsylvania Health System, to Jefferson Health System, to the Children’s Hospital of Philadelphia (CHOP), as well as four cancer centers. In addition, the Philadelphia region has seen more than $1 billion in life sciences investment to date by the National Institutes of Health, and is becoming increasingly attractive to entrepreneurs and investors interested in healthcare.

To learn more, MedCity News recently spoke with Anthony Green, PhD, Vice President for Technology at Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP-SEP). He manages Pennsylvania’s Life Sciences Connect, a public/private partnership advancing the life sciences industry in the region, and represents BFTP-SEP as part of the Health Care Innovation Collaborative, an initiative of the Chamber of Commerce for Greater Philadelphia’s CEO Council for Growth (www.ceocouncilforgrowth.com).

Ben Franklin Technology Partners has more than 35 years of experience with technology brands and venture-based non-profit core funding. Since 2011, Ben Franklin has executed 221 deals, providing over $37M in funding to companies in the 5-county Philadelphia area.

The Health Care Innovation Collaborative consists of nine organizations representing various elements of the Greater Philadelphia region’s healthcare ecosystem. In addition to BFTP-SEP, members of the Collaborative include CHOP, Christiana Care, Comcast, Drexel University, Independence Blue Cross, Thomas Jefferson University and Jefferson Health, Penn Medicine and Safeguard Scientifics. The Collaborative aims to ensure that the Greater Philadelphia region is recognized nationally for an unprecedented level of inter-institutional cooperation among healthcare organizations in support of innovation, and top of mind when innovators have a game-changing prototype, product or solution ready for customer evaluation.

Strengthening Partnerships, Expanding Opportunity

“Traditionally…there has not been a lot of collaboration [within the life sciences in Philadelphia], and there has been much uncertainty,” Green said. “This is changing…the Philadelphia region is working to develop solutions and take this opportunity to expand life sciences and to build partnerships. We are making connections with businesses who want to invest in life sciences.”

A tangible manifestation of this collaboration is the three-way partnership, announced in December, formed among Ben Franklin; Independence Health Group, the parent of Independence Blue Cross; and Safeguard Scientifics. The partners have pledged $2 million each to grow and to evolve early stage digital health startups.

“We’re here to help those organizations who are willing to engage with us,” Dr. Green said. “The resources are here and the organizations that are here are willing to engage.” And, “with less expensive business operations than other northeast cities, Philadelphia is the place to be.”

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