The much-anticipated report on the Life Science Asset & Landscape Study conducted by Cushman & Wakefield (C&W) was released at the end of July to the five organizations that commissioned the project.
As organizations involved in economic development activities, Greater Spokane Inc., Health Sciences and Services Authority of Spokane County (HSSA), Spokane University District, S3R3, and Evergreen Bio all have a vested interest in knowing the strengths, weaknesses, opportunities, and threats to growing the life science industry in the Greater Spokane area and Inland Northwest region. This knowledge will inform strategic decision-making and strengthen applications for continued, new, or increased grant funds.
Key recommendations from this SWOT study and analysis include:
- Pursue outside capital and champions.
- Focus on both bottom-up (homegrown startups) and top-down (attracting established life science company expansion) strategies for industry growth in the Inland Northwest.
- Increase funding, resources, and support for the startup life science community.
- Facilitate speed to market for inbound life science companies.
- Lean into manufacturing capability, focusing on medical devices, biologics, pharma production, etc.
- Lean into adjacent industries.
- Focus on strategic advantages – cost, logistics, and proximity to Seattle.
- Determine competitive strengths within the life science industry where Spokane has a strategic advantage.
- Relentlessly promote the region’s unique strengths.
Download the report to read more about these recommendations and their supporting data.
