National biotech sector ‘awakening’ to Colorado’s ascension, challenges remain

AURORA — Colorado’s status as a top-notch biotechnology hub is not much of a secret anymore, but the sector is still experiencing some growing pains as it emerges as a leader on the world stage.

In recent years, there’s been an “awakening” within the broader life-sciences sector that the Centennial State’s companies, labs, incubators, research institutions and schools punch well above their weight,  Fitzsimons Innovation Community CEO Steve VanNurden said Wednesday during an industry panel at the University of Colorado Anschutz campus in Aurora. The panel was moderated by Fitzsimons business development vice president April Giles.

Colorado Bioscience Association CEO Elyse Blazevich agreed, adding that “every indicator points to our rise as a leading national and international hub for life sciences.”

Life-sciences companies “are growing here because we have top talent,” she said. “… We truly have a national-ranked academic and research community that contributes to that talent pool.”

When it comes to attracting and retaining talent, “quality of life plays a key role,” Metro Denver Economic Development Corp. president Ray Gonzales said. But that quality comes at a price.

“The cost of housing is huge,” he said, and can serve as a deterrent for workers considering moving from cheaper parts of the country.

Thankfully, Colorado’s Front Range remains less expensive than many of the United States’ other biotechnology hubs, panelists said. 

“It’s less expensive than the coastal locations and we still compete” with tech-central locales such as the Bay Area and Boston, Colorado Office of Economic Development &

International Trade chief strategy officer Laura Rodriguez said. 

Still, Colorado’s relative lack of population density and remote geographic location can make recruiting a challenge.

“The biggest risk to Colorado’s economy is probably the labor shortage at this point,” Gonzales said, which highlights the need for industry leaders to have open channels of communication with educational institutions in order to ensure a properly skilled workforce is being developed on the homefront. 

Blazevich pointed to the St. Vrain Valley School District’s Pathways in Technology Early College High School (P-TECH) program, which provides students with a diploma, an associate’s degree and mentorship from within the tech field, as an example of a successful way for the state to approach workforce development. 

Additionally, Rodriguez noted that OEDIT offers grants for local and companies relocating to Colorado that want to “retrain and upskill employees.”

A key part of Colorado’s evolution into a life-sciences powerhouse is improved access to capital.

“Are there enough companies in Colorado” to attract major venture capital players from the coasts? VanNurden said. “That used to keep me up at night. It no longer does.”

As the state’s biotech sector continues to mature and receive national and worldwide recognition, leaders wonder whether an attitude adjustment is inevitable

“Coloradoans are humble — we don’t really talk about our successes that much,” Rodriguez said. Perhaps, as those successes mount, that’ll change.