Mass. Biotech Industry Defies Rough Economy

The Massachusetts biotech industry continues to defy the slow economy, adding jobs at a brisk rate.

The number of people working for bio-pharmaceutical companies in Massachusetts rose above 48,000 last year. That brings the industry growth rate over the past 10 years to more than 50 percent.

Former drug company executive Mike Webb credits the strong university research hub around Boston for biopharma's continued growth.

"That’s really the benefit of having a cluster that’s sort of a critical mass, like we have here," Webb said.

The latest numbers come in a new report from the industry trade group MassBio. It also shows that venture capital investment in biotech is also rebounding, after taking a hit during the recession.