MassBio and Marsh McLennan Agency partner to offer industry-leading HR solutions for biotech companies

The search for improved pharmaceuticals, advanced biotechnology, and cutting-edge medical devices has led to a surge in the number of life science companies across the country. The United States is currently home to more than 3,000 biotechnology businesses and biotech industry jobs have been growing steadily for more than a decade. According to the U.S. Bureau of Labor Statistics, the biotech research and development (R&D) industry experienced an 11.5% growth from January 2021 to January 2022.

In Massachusetts, the life sciences industry has surpassed California as the number one hub in the world. The Kendall Square area of Boston—dubbed the “center of the nation’s biotechnology industry”—contains more than 120 life science companies. Pharma giants such as Biogen and Takeda are headquartered in Boston along with many smaller biotech companies and start-ups. Moreover, Massachusetts remains the highest-funded state per capita by the National Institutes of Health (NIH) at $3.3 billion. That’s more than 9% of all NIH funding.

Worcester County is also carving a niche in the life science space. There are more than 60 biotech companies in the area and 13 colleges and universities including UMass Chan Medical School and Worcester Polytechnic Institute. Furthermore, AbbVie’s Bioresearch Center complements R&D facilities in Cambridge and the Boston area, making Massachusetts one of the greatest life science clusters globally.

The core of the Massachusetts life science industry depends on its R&D workforce, which has contributed to significant annual economic growth compared to competitor states. MassBio, a trade organization that aims to eliminate barriers, solve problems, and advance Massachusetts as a leader in the life sciences industry, reported that biopharma employment in Massachusetts grew by 13.2% in 2021. 

As life science becomes a vital industry contributing to the nation’s health care future, recruiting and retaining talent can be problematic due, in part, to inadequate benefits packages. To compete with larger, well-established biopharma companies, these small businesses require the support and resources that an experienced, knowledgeable insurance broker can provide.

Marsh McLennan Agency (MMA) provides business insurance, employee health and benefits, retirement, and private client insurance solutions to organizations and individuals. With 9,000 colleagues and 170 offices across North America and nine throughout New England, we are the seventh largest agency in North America. We represent 1,700 life science clients across the country.

We understand the nuances of the life sciences industry and the many challenges early-stage life science companies face compared to larger, established companies. Our extensive benchmarking capabilities and pulse surveys provide industry-specific data and identify evolving market trends. Our unparalleled knowledge within the life science industry and strong carrier partnerships provide early-stage companies the confidence that they are offering competitive benefits.

To address this inequity, we partnered with MassBio to create RevHR, an HR outsourcing program specific for fast-growing and emerging life science companies. RevHR allows life science companies to offer their employees a variety of employee benefit plan options, human resource support, payroll services, and access to innovative technology. By outsourcing administrative tasks, growing life science companies can focus on their evolving business needs. “Although the platform targets early-stage companies, it has the capability to grow with the company. So, it doesn’t matter where you are in the growth cycle,” Peter Pedro, Executive Vice President, Employee Health & Benefits at Marsh McLennan Agency, said. “We’ve taken away the barriers and offer a competitive program within the life science ecosystem.” 

Until now, emerging life science companies had limited alternatives. RevHR fills a critical gap and levels the playing field for early-stage life science companies, allowing them to offer market competitive benefits aligned with what mature life science companies offer. Small companies can determine which plan best fits their needs and benefits philosophy.

As a premier global life sciences and health care hub, MassBio is committed to the growth of the Commonwealth’s life science industry and adding value to the health care system. After extensive research, MassBio was able to identify a partner that also aimed to enhance the life science space and could provide its members access to industry-leading resources and best-in-class benefit plans. That partner was Marsh McLennan Agency.

“Since we announced RevHR as a preferred partner, the response has been excellent from our members who have been waiting for a solution like this,” MassBio President & CEO Kendalle Burlin O’Connell said. “When a product is built exclusively for life sciences companies, you know it will check all the boxes. Equipping our members with the resources to streamline their operations, support their employees, and concentrate on their research is why we exist as an organization.”

This unique, industry-specific benefits strategy not only provides targeted resources, support, cost management, and access to some of the best technology on the market, but it also affords peace of mind and confidence to emerging life sciences companies attempting to secure a foothold in the competitive life sciences stratosphere.