Competitive Edge fuelling thriving Clusters and growth in Life Sciences

Competitive edge fuelling thriving clusters and growth in life sciences?

As I have been visiting Boston several times in the past 20 years, I have witnessed how this city spectacularly has nurtured and blossomed the life sciences sector. I am glad to share a few takeaways from my recent visit to Boston - the arena of thriving clusters - which I undertook as an entrepreneur to attend #BIO2023.?

A multifold increase in the emergence of multiple players?

The exponential growth in the last decade has led to the emergence of multiple players in the life sciences real estate development and leasing market. New players spring out every quarter and put tremendous pressure on global demand; and existing players acquire new asset and put them in the market.?

Building a competitive advantage offers excellent opportunities?

Given the demand and supply, it is important that the new as well as the existing players create a competitive edge - a differentiation that will help their products to stand out. We are not living in a time where every life science building that has life science specifications would generate demand.?

There are several ways to gain competitive edge, few of which are elucidated below:-?

1. By creating attractive spaces for startups: Several models have been curated by leaders such as science hotels and #lab centers, among others. They continue to broaden their innovations as these are the startups that have the potential to be acquired by the big giants.??
2. By expanding choices through a complete ecosystem and not just buildings: It is important to carefully choose the type of buildings you are putting out on the market as tenants today have a wide array of choices. They will go ahead with buildings that are full of amenities (including access to public transport) and a social ecosystem while consciously seeking top-notch facilities. Furthermore, they strive to provide younger employees a touch of vibrancy and a feel of inclusivity which pave the way for growth and innovation.
3. By developing a business model that intertwines with the financial model: The Rent Plus 10 strategy, which we are trying to innovate, is about creating revenue sources from non-rental income along with partnering with lab suppliers and creating a business model that seamlessly integrates into the financial model.?

As Rx Propellant , we have recognised the areas for improvements such as the amenities and social #infrastructure around our buildings; focus on #cluster development; and provide support to tenants on a bigger scale by setting up training schools along with a series of networking events which may connect them to the larger global #ecosystem.?

Any life sciences landlord should embrace an active approach and play the role of an accelerator for the tenants’ businesses. The three-circle approach - campus, ecosystem, and cluster should be a driving force that enables tenants to meet their business objectives. This is the way we will be their first choice and have a great chance to sustain the tenancy on campus.

Vishal Goel

MD- Rx Propellant