Growing Your Life Science Business? Consider The Location

By Michelle Gregory, Director, Life Science Oklahoma

The life sciences industry contributed nearly $4 billion to the U.S. economy in 2021 and is expected to continue growing an average 7% to 8% per year over the next five years. With an increasing number of government initiatives behind it, more investment from both public and private sectors being funneled in, lingering effects of the COVID-19 pandemic, and a steadily growing shift in consumer preference from traditional healthcare to more proactive and personalized approach, it’s an industry rich with opportunity. Yet it’s relatively new and uncharted territory for many businesses who find themselves on the precipice of incredible growth but may be unsure where to plant roots for long-term health and stability.

Perhaps it’s time for an industry driven by ingenuity and innovative thinking to apply those skills to the relocation search. As life sciences’ explosive growth has taken shape over the past decade, many of America’s less conspicuous cities have been quietly working behind the scenes, laying the groundwork to become the go-to markets for the industry’s leading research, testing, and product development companies.

“Cities that haven’t traditionally been considered as expansion destinations are now capitalizing on their unique infrastructure and relationships to support a diverse range of life science investments,” said Jeff Seymour, president & CEO of the Oklahoma City Innovation District. “Oklahoma City, for instance, has leveraged its history of leadership in the energy industry to take this same pioneering spirit towards investments in bio-manufacturing. We are using our same approach to long-term investments in that industry to expand our capabilities in third-party manufacturing, clinical trials, and specific science and technology for rural and diverse populations to benefit a wide swath of Americans in the same way energy independence is important to our national interest. Considerable strides have been made in positioning our region as a viable option for future partnerships based on innovation, accessibility, collaboration, diversity, and advanced technology to serve an industry focused on infrastructure and affordability.”

Today’s business leaders could serve themselves well to look beyond the traditional, more well-known science hubs on the nation’s coasts and toward the center regions — where they may be surprised to find cities and regions that can provide smart, cost-effective answers to their most essential questions: will this location be able to provide the resources and access to services critical to my business? Is local leadership engaged and invested in the future of my industry? Are there diverse communities and populations within the region who could benefit from public health solutions? How motivated are both public and private entities to generate funding? Is there strategic planning for the long term?

Strong Connectivity And Accessibility

Business leaders seeking to expand within the life sciences industry understand the need for connectivity to resources and organizations that are beneficial — even crucial ­— to long-term success. Ideally, a city can provide more than square footage and utilities to life science companies looking to expand, but can welcome them with a seamless ecosystem of support, resources, connectivity, and the infrastructure to sustain them from incubation to long-term growth.

All business leaders know that an organization needs different resources, expertise, investment and a workforce pipeline throughout the life cycle of the business. Within life science, it may be a strong need for access to testing or production. It may be important to connect with a diverse community or population.

Being part of a larger collective, like a state organization, can provide access to resources and support while also building a network of other like-minded business leaders who can offer peer mentoring and support.

A key component to connectivity and accessibility is understanding the workforce available in each region. As leaders, we should take time to acknowledge the skill sets we need now, what may be necessary as the business grows, and if there is a need for line workers or skilled workers. We should know if there is a deep bench of research in-market and the training and development that will be required as the industry grows.

“We recognize that there are thousands of open jobs in the biomanufacturing industries across our country,” said Daniel Baker from the University of Oklahoma Bioprocessing Core Facility. “We are excited to launch state of the art laboratory facilities, curricula and educational opportunities that provide students with advanced preparation for successful careers in this growing and dynamic industry — and simultaneously contribute to an advanced, integrated ecosystem that will foster a strong bio economy in Oklahoma.” 

Funding And Investment For Growth

In recent years, investment in life sciences and biotech has gained momentum nationwide. Specifically, from 2020 to 2022 — the COVID years — many companies embraced a push to study public health and bring related manufacturing back to the U.S., investing private capital dollars to supplement city and federal funding.

While those investments have leveled off, the takeaway is clear: when private and public funding work together, meaningful impact can be made. That’s why finding a city active in building funding partnerships and committed to nurturing them for the long term should be on any growing company’s list of non-negotiables.

“Wheeler Bio recognized a gap in the skill sets of some of its new employees who need an understanding of the basics of biomanufacturing,” said Koey Keylon, executive director at the Oklahoma City Biomanufacturing Training Center. “We worked together to develop a three-week, hands-on learning experience for these employees so they can start their new jobs with applicable and valuable training. When industry partners work with the community, we can make real change in creating a sustainable workforce pipeline.”

Built For Today And Tomorrow

Any entrepreneur knows there’s no growth without some degree of risk. But mitigating that risk while situating yourself in the best possible position for growth requires a delicate balance of willingness to step out into the unfamiliar and knowing a good thing when you see it. Or, perhaps more accurately, knowing a good thing before the rest of the world sees it. In a time when many of the nation’s largest cities have buildings with lab space sitting vacant, smaller cities can be more nimble, less well-known but more well-situated, and are seizing the opportunity to welcome businesses with their ease of access and lower cost of doing business. And perhaps most appealing of all, they can offer the promise of an infrastructure that was not built in a frenzied reaction to current events but through the lens of longevity and solidity.

“The idea is to build a diverse ecosystem with people and organizations all working together to further individual companies or ideas or technologies, whether that be in the life sciences or aviation,” says Mark Beffort, developer of Convergence, a development in Oklahoma City’s Innovation District that is bringing biomanufacturing, aerospace, universities and more under one roof. “What we want is not to just go out and build lab space, but to really build things that will be a long-term answer to the needs of the American economy, and to the real bottom line, which is making every American’s life safer, healthier, and more sustainable.”

That bottom line is one upon which we can all agree. All the science, the innovation, the clinical trials, lab tests, breakthroughs, and game-changers mean nothing if we lose sight of the human aspect. The very needs that built this industry are the needs we must remember as we ask ourselves the questions and build the technology to find the answers. How can we improve the lives of people today and generations from today? How can we create a better world for those who will inherit it long after we’re gone? Investing in people, after all, will always be the most valuable investment we can make.

Most of us are already working to solve the most difficult challenges facing us now and in the future. Knowing where we are in our own development is key to making smart decisions about the growth of our companies. Every company is different, yet we’re all working as a collective to improve the health of our communities and our world. Knowing what we need from a community and what we can bring to a community can make us stronger, together.

We’ve heard the old adage that it’s the sum of the parts. Instead, let’s celebrate and recognize the parts of the sum that we each may need at different points in time to drive our growth, innovation and impact on our future.

About The Author:

Michelle Gregory is the Director for Life Science Oklahoma and has been with the organization since August of 2024. Prior to joining Life Science Oklahoma, she worked as a Senior Manager of Partnerships and Events for Thentia, an Executive Director for Turning Point Ministries, a Deputy Director at Oklahoma Behavioral Health Association, Marketing and Development Director at NAMI Oklahoma, and as a Senior Sales Representative with Eli Lilly & Company. As Director, she has primary responsibility for strategy, programming, fund raising, community relations, and board management. She is a graduate of the University of Oklahoma where she earned an MBA with an emphasis in Marketing and Accounting.