Massachusetts draws talent and investment with world-class academic institutions, successful financial services firms, and cutting-edge industries - yet these sectors need workers for growth.
The Commonwealth should set new measurable affordability targets and standards that prioritize public interest by providing equitable access to quality healthcare at an affordable cost. This should include increasing behavioral health services access to promote a healthier population.
Massachusetts Economy: Tech Health Finance
Massachusetts has transitioned away from its historic agricultural and maritime trade base towards technological research, service industries, and finance. Massachusetts now stands as a world leader in biotechnology research as well as clinical trials and pharmaceutical production.
The Healey-Driscoll Administration has taken advantage of these strengths to foster a competitive environment, vibrant communities, and thriving businesses through a number of programs. One such program is the Executive Office for Economic Development (EOED), which supports job creation and business expansion as well as maintaining a healthy middle class by fulfilling its mission to "ensure all Massachusetts residents access quality jobs".
This approach to business has paid dividends with Massachusetts employers experiencing record levels of confidence. According to the Associated Industries of Massachusetts, business confidence increased from 49.3 in September 2021 to 57.9 in November 2022 - its highest index reading since spring 2006.
Tech health finance is a primary driver of confidence within California's life sciences ecosystem, featuring one of the richest talent pipelines and driving new therapies, devices, and diagnostics. Biotechnology firms in particular have experienced exceptional growth: breaking records by investing over $5.8 billion last year alone!
Massachusetts stands out as a leader in healthcare technology for genomics, immuno-oncology, medical robotics, and ocular therapeutics due to the expertise of Massachusetts General Hospital and Brigham and Women's Hospital - two renowned academic and health-care institutions that are widely known for their research in these areas.
Each year, the University of Massachusetts awards more than 20,000 undergraduate and graduate degrees across its five campuses. Additionally, core research facilities assist small- and mid-size Massachusetts companies to accelerate job-creating R&D activities; inventions patented by the university generate income via licensing fees paid to established companies or start-ups founded upon University technology.
At each campus, thousands of students, conference attendees, and sports spectators spend money on transportation, lodging, meals, and entertainment in Massachusetts. Furthermore, 32 One-Stop Career Centers at UMass offer job search assistance and training including GED preparation courses, diploma programs, English as a Second Language programs as well as basic skills development and workplace readiness programs.
Bay State's Vital Sectors: Tech Health Finance
Recent closures of for-profit colleges in Massachusetts and across the nation has raised numerous questions regarding their operation. Bay State College in western Massachusetts is no exception; former employees, students, and even the Massachusetts attorney general have raised serious concerns.
Ambow Education, which also owns NewSchool of Architecture & Design and other for-profit colleges nationwide, has come under scrutiny for using dubious practices to recruit students and promote its colleges - such as illegal telemarketing practices that violated state laws or false job placement data - when recruiting and recruiting students to its institutions. In 2022, they paid $1.1 million to settle a lawsuit brought by the Massachusetts attorney general over these practices.
But enrollment at the college has fallen sharply and the school missed payroll this month and continues to struggle with mounting debts. Furthermore, it has not been able to secure an affordable facility or hire enough staff members in order to fulfill its obligations, leaving many students without access to courses they need in order to graduate from its program.
Ambow has responded by cutting costs and staff, moving some positions from its colleges to corporate headquarters and firing managers and faculty members from both. This has caused outrage among current and former employees as well as lawmakers.
Bay State may already be too late to save itself from implosion. Accreditor, the New England Commission of Higher Education (NECHE), placed it on probation this year due to failing to demonstrate sufficient resources in place for quality operation and continued operation of its programs. While its president claims they can offer financial aid for graduating students, NECHE plans on withdrawing its accreditation on Aug 31st unless the school makes improvements and keeps on track.
Joel serves as an advisor to Baystate Health's CEO and is accountable for shaping their IT vision and strategy across the organization. Joel spearheaded the creation of TechSpring at Baystate Health - an innovation platform providing commercial partners access to authentic healthcare environments and data in order to test out solutions they design with commercial partners. Furthermore, Joel co-Chairs the TechSpring Steering Committee.
Driving Growth in Massachusetts
Massachusetts can credit its current economic success to many factors, including an educated workforce and premier academic and healthcare institutions. Massachusetts offers an attractive mix of historic sites and scenic beaches - making it a sought-after vacation spot. But its primary industry remains finance, which has made Massachusetts one of the leading centers of wealth creation across the US.
Massachusetts economy continues to evolve thanks to new industries that provide high wages and promising career paths. According to the Bureau of Labor Statistics (BLS), among Massachusetts' emerging industries are statisticians, solar photovoltaic installers, and nursing instructors/teachers. While these occupations currently have lower employment levels than average across occupations but are projected to see exponential growth over the coming decade.
Massachusetts economy is driven by its growing need for highly skilled workers, with demand expected to surge even beyond tech and healthcare occupations in 2023. Notably, workers with administrative support jobs, management occupations and education, training, and development duties will all experience increases in employment demand - software engineers, computer systems analysts, and registered nurses should experience higher-than-anticipated growth as expected occupations.
These trends are fueling growth in Massachusetts' service-providing industries, which make up most of its private GDP. Massachusetts is home to several prominent service-providing sectors such as professional, scientific, and technical services, education and health services, and trade, transportation, and utilities - each has seen faster-than-expected growth over the last year.
Framingham-Natick NECTA saw service-providing industries account for 59% of private GDP in 2016, followed by manufacturing and financial activities - two industries more concentrated here than nationally. Average annual wage increases among financial activities and professional, scientific, and technical services have also exceeded national rates; average increases from 2010-2016 were approximately 4 percent per industry sector within Natick and overall NECTA gains were 4 percent as well.
Economic Engines: Tech Health Finance in MA
Although Massachusetts is best known for its colleges, medical facilities, and teaching hospitals, it's also recognized for being a leader in life sciences - which encompasses such diverse areas as marine biology (think starfish with arms that re-grow themselves) and regenerative medicine. A key economic contributor, the Massachusetts Life Sciences Center provides support in this sector of the Massachusetts life science economy by helping bring innovations and promoting industry growth to the market.
Healthcare IT is one of the fastest-growing sectors, and demand for professionals in this area is projected to increase at least 12 percent over 10 years. MCPHS' School of Healthcare Business and Technology is an ideal way for students interested in entering this field; located near Boston's Longwood Medical and Academic Area with access to world-class hospitals and research facilities nearby as well as professors who are proven entrepreneurs and industry leaders in their respective fields, the School provides students with everything needed for entry.
Telehealth is another rapidly expanding industry, especially as COVID-19 continues to strain health care systems worldwide. Telehealth technologies are helping reduce hospital admissions and outpatient visits while simultaneously offering more convenient care - thus making this area of telecommunications infrastructure essential in supporting such emerging industries as this one.
Massachusetts has an advanced telecom infrastructure that features the MassHIway, a secure network that links all healthcare systems together and enables providers to exchange event notifications using its Event Notification Service (ENS). Furthermore, MassHIway serves as the foundation for the Commonwealth's telehealth services.
Color, a Burlingame company providing mobile-based gene testing and precision genomics services for consumers and healthcare providers alike, recently secured $100 million in Series E financing to expand its public health infrastructure offerings so as to help large populations receive affordable healthcare services at accessible costs. It has already formed partnerships with several public and private institutions such as Teamsters Union, Salesforce, Thermo Fisher Scientific PerkinElmer, and California State government institutions.
Humana, Medicare's biggest provider, is taking full advantage of Boston's flourishing healthcare start-up community and cutting-edge tech research facilities like MIT to leverage consumer engagement by rapidly developing consumer-friendly, high-impact digital health products and services that will benefit members. Their new digital health hub in Boston resembles that of an upstart start-up to accelerate this development process and maximize engagement levels among their members.
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