The Transformation of Utah into a Growing Life Science Center: Evaluating the Perception of a “Hidden Gem”
VP/GM & Global Platform Leader at the Peripheral IV Business | BD
Utah’s emergence as a thriving hub in the life sciences sector has often been likened to a “hidden gem.” The significant advancements and growth within Utah’s life sciences industry have been remarkable. This region has notably outpaced the nation in job expansion within the life sciences field, propelling the state’s economy to new heights. Despite its substantial progress, the life sciences sector in Utah tends to operate somewhat discreetly compared to the widely acclaimed Silicon Slopes and the tech industry boom in the state. Nevertheless, the impact and reality of Utah’s life sciences ecosystem are undeniable.
Executive Director | BioHive
With a workforce of 182,000 individuals directly and indirectly involved, along with 1,600 contributing companies generating a substantial $21 billion in economic output, Utah’s life science industry remains a well-kept secret. The vast scope and scale of the life science enterprises in Utah often go unnoticed by the general populace, overshadowed by more prominently recognized sectors. The sheer magnitude of 1,600 active companies underscores the hidden potential of this burgeoning industry.
CEO | Seek Labs & IONIQ Sciences, Inc. Chairman | BioHive
While Utah has a rich history in medical device manufacturing within the life sciences domain, the current landscape has evolved significantly. The ecosystem now thrives on diverse pillars including diagnostics, research and development, and digital health innovations. Utah’s life sciences sector embodies a comprehensive spectrum of traditional and contemporary facets, showcasing substantial growth and success. The region has transcended its origins as a mere device hub to become a multifaceted powerhouse in the life sciences arena.
CEO & President | Quansys Biosciences
Though Logan may not serve as the primary biotech hub in Utah, it boasts the highest concentration of biotech ventures per capita in the state. The legacy of biotech in Logan traces back to Dr. Rex Spendlove, the visionary behind HyClone Laboratories, now integral to Cytiva and Thermo Fisher. The influx of talent into the biotech realm in Logan has fueled innovation and entrepreneurship, with individuals often venturing out to establish their ventures, embodying a cycle of growth and evolution in the biotech landscape.
Post-COVID-19 Evolution of Utah’s Life Science Landscape
CEO & President | BioUtah
The aftermath of the COVID-19 pandemic has brought newfound exposure and opportunities for Utah’s life science industry. Companies have gained increased visibility and financial stability, attracting external talent and witnessing a consolidation of executives in Park City. The shift towards remote work has enabled executives to operate effectively from any location, choosing Utah as a strategic base for their operations.
CEO & President | 3Helix
The economic repercussions of the pandemic have posed challenges in securing venture capital funding, particularly impacting non-diagnostic and non-COVID-focused ventures. The emergence of COVID-related sectors and technologies such as artificial intelligence (AI) and machine learning has dominated the investment landscape. While a gradual resurgence in funding is underway, the pandemic-induced shift in investment trends has reshaped the funding dynamics within the life sciences sector.
VP, Lab Operations | Teiko.bio
Utah’s appeal lies in its supportive environment and cost-effective infrastructure, attracting talent seeking a conducive work setting. Despite the advantages, recruiting laboratory personnel post-COVID presents challenges, as physical presence in labs remains essential. The allure of Utah’s lifestyle amenities, coupled with the job market uncertainties, influences the relocation decisions of potential recruits, reflecting a nuanced perspective on post-pandemic workforce dynamics.