Boston hasn’t always been known a technology center, but as more tech companies invest in healthcare, the city is being transformed. PwC and CB Insights estimated $6 billion in new funding went toward healthcare-related companies in 2017 and more than half that amount, $3.7 billion, went to tech companies.
The healthcare tech funding surge is a major uptick from the height of the Internet boom. In 2000, tech companies generated $6.6 billion, while healthcare companies only saw $1.1 billion.
Biotech has been a major component of healthcare technology’s success in Boston. Within the metro area, biotech companies are leasing buildings hot off the market. It’s estimated that only 1 percent of lab space is vacant, according to David Townsend, executive managing director at Newmark Knight Frank, a commercial real estate firm.
Last month, Google announced its Boston area expansion. Biotech companies Foundation Medicine, which focuses on cancer treatments, and Sage Therapeutics, which focuses on psychiatric disorder drugs, also plan to open offices in the area.
More articles on health IT:
WSJ CIO Network: Blockchain adoption is still early
Blockchain startup, Lyft partner to improve healthcare access
Beth Israel Lahey Health to focus on interoperability post-merger
