New York City Health Business Leaders (NYCHBL) Releases First-of-Its Kind Report that Evaluates State of Healthcare Venture Capital Investment in New York City
NYC is 2nd largest market and poised for continued growth and Innovation
New York, NY (February 7, 2018) – New York City Health Business Leaders (NYCHBL) today published a first-of-its kind report that looks at the state of healthcare venture capital investment in New York, with in-depth analysis of the sectors, investors and start-ups driving growth. The report, entitled New York City Healthcare Venture Capital Report 2018, was released in conjunction with “Healthcare Investment Trends: Where Will the Money Flow 2018,” an annual event featuring a panel of healthcare investors to discuss where the healthcare dollars will be invested, presented by NYCHBL.
The report is particularly timely and relevant given New York City Mayor Bill de Blasio’s LifeSci NYC program, a $500 million investment to create a biotech hub in the city and most recently, his January 2018 $100 million request for proposals to build a life science campus in New York City.
Key findings of the report include:
- In 2017, healthcare investing reached its highest level yet with $13.8 billion deployed by New York investors across 412 deals.
- Overall, the New York City venture capital market is concentrated with 5 venture capital firms (Orbimed; New Enterprise Associates; Venrock; Deerfield Management; Canaan Partners) representing approximately 25% of the deals in 2017.
- In 2017, New York City-based healthcare companies received $703 million in funding. The top pharmaceutical and biotech companies include YmAbs Therapeutics, Syntimmune and IRX Therapeutics and the top health technology firms include AbleTo, Phreesia and Prognos.
- The deal compound annual growth rate (CAGR) from 2010-2017 was 10%, a sign of strong growth in New York City’s healthcare venture capital industry.
“New York City’s leading investors and innovative entrepreneurs, in combination with our world class health systems, thriving academic community and unparalleled professional services that support the industry, are driving unprecedented development and growth,” said Bunny Ellerin, co-founder and president, New York City Health Business Leaders. “Our findings and in-depth analysis show that New York City is an ideal environment in which to invest and build a healthcare company.”
“I’ve long held that New York City is one of the most vibrant and growing healthcare economies in the country in terms of innovation, investment, diversity and scale,” said Rob Rebak, President and CEO of AbleTo. “I commend New York City Health Business Leaders for playing a critical role in galvanizing the NYC heath community, and producing a valuable report that is equal parts insightful and practical. If you are thinking about investing in or launching a healthcare business in New York City, this report is a must-read.”
New York City Health Business Leaders is a professional community of 3,000 senior executives who are leading, innovating and driving healthcare forward. It was founded in 2009 by Bunny Ellerin and Dr. Yin Ho. Together they have created a healthcare ecosystem in New York that spans sectors, bringing together the best minds to discuss important issues and spur innovation. It is clear that by connecting the right people – leaders, professionals, entrepreneurs, investors – we can ignite the right conversations that advance all sides of health. For more information visit www.nychbl.com or follow us @nycbhl.