March 22, 2023 – The BioHealth Capital Region (BHCR) with The District of Columbia, Maryland, and Virginia are making a name for themselves as some of the most innovative states in the nation, according to a new study by WalletHub. All three have secured spots in the Top 10 of WalletHub’s 2022 rankings of the Most Innovative States. This recognition highlights the region’s strength as a hub for innovation and technological advancement.
The study compared all 50 states and the District of Columbia across 24 key indicators of innovation-friendliness, including research and development spending per capita, the share of STEM professionals, and tech company density. The District of Columbia took the top spot overall, with Maryland coming in at number 5 and Virginia rounding out the top 10 at number 9. These strong rankings reflect the region’s commitment to fostering a culture of innovation and investing in developing cutting-edge technologies.
One of the key factors contributing to the region’s success is its high concentration of STEM professionals. “The District of Columbia has the highest share of STEM professionals, 9.40 percent, which is 3.5 times higher than in Mississippi, the state with the lowest at 2.68 percent,” WalletHub noted in its report. This talent concentration has helped drive innovation and attract investment in the region.
In addition to its strong showing in terms of STEM professionals, the region also excelled in other areas. For example, WalletHub highlighted that “Maryland has the highest share of technology companies, 7.56 percent, 2.3 times higher than in West Virginia, the state with the lowest at 3.30 percent.” The presence of these tech companies has helped to create a vibrant ecosystem of innovation and entrepreneurship. The District of Columbia, Maryland, and Virginia’s strong performance in WalletHub’s rankings underscores the region’s status as a leader in innovation and technology.
“The BioHealth Capital Region’s top rankings in this study, including our high concentration of STEM professionals, vibrant tech companies, and status as a leading biopharma cluster, showcase our region’s innovation prowess and potential for continued growth,” said Rich Bendis, President, and CEO, BioHealth Innovation.
The BioHealth Capital Region’s strong performance in WalletHub’s innovation rankings is further bolstered by its recognition as a leading biopharma cluster in the United States. According to the 2022 Genetic Engineering & Biotechnology News (GEN) report, the BioHealth Capital Region, which encompasses DC, Maryland, and Virginia, ranked #4 among the Top 10 U.S. Biopharma Clusters. This ranking reflects the region’s robust biotech and life sciences ecosystem, which includes world-class research institutions, leading biotech companies, and a highly skilled workforce.
GEN noted the region’s strengths, stating, “The BioHealth Capital Region’s assets include numerous federal research agencies led by NIH, which has spawned numerous startups over the years, as well as the nation’s largest concentration of postgraduate life sciences degrees per 100,000 residents.” This combination of research excellence and talent has helped to establish the region as a powerhouse in the biopharma industry.
For more information on the wallethub study and the full rankings, visit the original article at https://wallethub.com/edu/most-innovative-states/31890.
For more information on the Top 10 U.S. Biopharma Clusters and the BioHealth Capital Region’s ranking, visit the GEN article at https://www.genengnews.com/topics/drug-discovery/top-10-u-s-biopharma-clusters-9/.