I'm thrilled to announce the release of the first-ever New York City Healthcare Venture Capital Report 2018 from NYC Health Business Leaders, the organization I co-founded with Dr. Yin Ho in 2009.
The goal of this report is to provide entrepreneurs, investors, executives, policy makers – and all industry stakeholders - with an objective, data-driven look at the importance of the New York market to the healthcare industry.
New York City has long been home to a thriving health economy with world-class health systems, global life sciences companies, major payors, top providers, and a tremendous concentration of professional services that support the industry: finance, consulting, law, accounting and media.
Yet for a long time, New York City was overlooked as a center of healthcare innovation and entrepreneurship. That’s why nearly a decade ago, Yin and I launched NYC Health Business Leaders. Having built our careers here, we recognized the need to build an ecosystem that encouraged key players to connect, collaborate and drive the industry forward.
Over the past ten years, New York’s healthcare industry has expanded exponentially through private investment and public initiatives. Two areas that have seen particular growth are digital health and life sciences. With recent government initiatives like 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 here, there is unprecedented potential 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.
- New York City-based healthcare companies received $703 million in funding in 2017. The top life science companies were YmAbs Therapeutics, Syntimmune and IRX Therapeutics and the top health technology firms include AbleTo, Phreesia and Prognos.
- Top 5 healthcare investors are: Orbimed, New Enterprise Associates, Venrock, Deerfield Management and Canaan Partners.
Our findings and analysis show that the New York City venture capital and startup environment is poised for continued growth and innovation. Our hope is that this report will open your eyes to the breadth and depth of opportunity within New York City.