PhDs Can't Find Work as Boston's Biotech Engine Sputters (msn.com)
- Reference: 0180482359
- News link: https://science.slashdot.org/story/25/12/29/2357222/phds-cant-find-work-as-bostons-biotech-engine-sputters
- Source link: https://www.msn.com/en-us/money/companies/ph-d-s-can-t-find-work-as-boston-s-biotech-engine-sputters/ar-AA1Td12r
> Boston's biotech sector, long a vital economic engine for one of America's wealthiest metro areas, is sputtering. A double whammy of cutbacks in venture capital and government funding have taken a toll, leading to layoffs and struggles for job seekers. For workers who thought they would easily launch into a well-paying science career, the downturn has been especially harsh.
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> Massachusetts experienced a slight decline in its roughly 65,000 biotech research-and-development jobs in 2024 after years of mostly strong increases, including during the Covid-19 pandemic, according to federal data. The numbers indicate that job losses continued through at least June, while hiring remains sluggish. By the end of September, nearly 28% of greater Boston's laboratory space sat empty, according to the latest estimates from real-estate firm CBRE. "Every stage of the life cycle has been impacted by policy or regulatory uncertainty this year," said Kendalle Burlin O'Connell, chief executive of MassBio, an industry trade group. The impact has hit startups especially hard, she said.
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> A continued downturn poses risks for a region where workers will put up with sky-high real-estate costs if they can land high-paying jobs. Massachusetts faces competition from other states and China, which are eager to peel away talent and investment. "There are states and countries chasing us every single day," Gov. Maura Healey said in an interview. In late October, the Democrat testified before the Massachusetts legislature in support of a $400 million "competitiveness agenda" that she is seeking to spur new investment and supplement research funding lost this year. Lawmakers are reviewing the bill, a House spokesman said.
[1] https://www.wsj.com/tech/biotech/ph-d-s-cant-find-work-as-bostons-biotech-engine-sputters-729f0036
[2] https://www.msn.com/en-us/money/companies/ph-d-s-can-t-find-work-as-boston-s-biotech-engine-sputters/ar-AA1Td12r
China? (Score:3)
China is recruiting biotech talent from the US? Like they're saying go work in China and save up money? I wouldn't recommend anyone do it unless the offer was so great that you'd have enough money to outright buy a US home at the end of it. As in, be able to save like $700k within 7 years (which in 7 years should get you a "todays" $500k home in the US). That means you'd have to get paid around like $180k ( after China taxes if they make you pay that). I blindly assume China comfortable expat living expenses are like 80k.
As for "you're helping China advance" .. well don't on any circumstances tell them how to do anything that would give them a national security advantage .. but if it's something like a rare disease or cancer cure that all humanity could benefit from and your own country isn't offering you shit then why not. When you get back you can always make that cure in the US.
Re: China? (Score:2)
Are you sure $700 won't buy you a $900 home in 7 years ?
Re: (Score:2)
If the downturn continues, you will be able to. Provided the Fed does not increase money supply one more time, in the name of QE, to keep real estate prices sky high.
> A continued downturn poses risks for a region where workers will put up with sky-high real-estate costs if they can land high-paying jobs.
That means people working very hard in life, earning PhDs, to land high-paying jobs are forking a huge chunk of that pay to the rent seeking real-estate owners. High real-estate prices are a barrier to growth. If a large chunk of the cost to setup a business, directly and indirectly, goes towards real estate, businesses and people will try to m
Human Derived Protein (Score:2)
It's the future!
let them emigrate (Score:1)
I mean - even apart from fact that the science now is basically conducted exclusively in English - phds should be somehow fluent in a foreign language. world doesn't end on the US of A
Hey! This is great news! (Score:5, Insightful)
For sickness and diseases. Excellent governance! Let's kill scientific research, hand away the future, and get more of us killed.
Re:Hey! This is great news! (Score:4, Funny)
But why do you need to spend money on "research" when you can pray for free?
Re: (Score:2)
[1]When the gold in the casket rings/the rescued soul towards heaven springs [cracked.com]
[1] https://www.cracked.com/article_41538_an-estimated-sin-price-list-from-the-age-of-indulgences.html
Re: (Score:2)
Indulgences, like the rest of the practices of the catholic sect, are a heresy. Remember, Jeebus threw all the merchants, including the afterlife insurance salesmen, out of the temple.
Hot, fervent hail marys, on the other hand, backed by a firm belief will work miracles, Allah willing.
Re: Hey! This is great news! (Score:2)
That was Muhammad, and the only reason it is disliked among some sects is that it wasn't with an altar boy.
Re: (Score:2)
This sucks, but I'd hardly call it the death of scientific research.
NIH still issues ~$39B a year in grants, and spends ~$5B a year on its own ~6k scientists and their projects.
Total biotech grants are double and some change that.
The downturn is real, but it's very minor. Being a new graduate in any downturn sucks.
That being said, we're still far on top of the world in biotech research spending.