The Rich Get Richer

You'd think Massachusetts would be content as one of the kingpins in biotechnology locations, but you'd be wrong, as this article from the Gloucester Daily Times points out.

Gov. Deval Patrick's sweeping plan to invest $1 billion in biotechnology research and life sciences companies over the next 10 years is also about jobs.

The proposal, which includes money to encourage companies to expand here and attract new ones, is expected to be an economic boon for the North of Boston region, where a cluster of biotechnology businesses has formed.

Ouch, Massachusetts--can't you give some of the little guys a chance? Then again, I have to think they're smart for doing this. It seems that when a location sits on its laurels too long, confident in its inherent dominance (Detroit, perhaps? Maybe Wall Street, too?), it inevitably gets the rug pulled out from under it by not paying attention to the rust accumulating around the edges. By the time they act, it's often too late.

The "rust" in the case of Massachusetts? Well, it's a good problem to have, but deadly nonetheless:

...Others, like PCI Synthesis President Edward Price, said encouraging biotechnology is a good idea. His Newburyport company manufacturers drugs that biotech companies develop.

One stumbling block is the work force.

Massachusetts workers have been leaving the state for years, and population growth has been stagnant.

Price suggested companies might be discouraged from expanding or locating here because they can't find qualified workers.

"I think the big problem Massachusetts faces in the short term is a lack of human resources," Price said.

Classic story...location invest in industry...industry blossoms...economy grows...location gains cachet...location gets too expensive for new grads to settle in...young families settle elsewhere...companies complain...companies chase workforce.