Thermo Fisher to Invest $97M to Expand Drug Development Efforts
Over the next three years, Thermo Fisher will add nearly 150,000 square feet and over 500 new employees to its Richmond, Virginia laboratory to further drug development.
Source: Getty Images
By - Thermo Fisher Scientific will invest $97 million to expand its clinical research operations in Virginia to support the increasing demand for drug development.
Over the next three years, the company will add nearly 150,000 square feet and more than 500 new employees to its laboratory in Richmond, Virginia. Richmond’s existing laboratory services operation comprises more than 300,000 square feet and employs over 1,200 professionals.
A majority of the expansion will occur in immunochemistry functions, chromatography functions, and biomarker and vaccine sciences to further produce consistent, high-quality laboratory services across the biopharma space.
"Worldwide, we continue to expand our lab capacity to provide customers with high-quality bioanalytical lab services to advance their clinical research programs. These services are vital for drug development," David M. Johnston, PhD, senior vice president and president of clinical research at Thermo Fisher Scientific, said in the announcement.
"We're pleased to extend our partnership with Virginia, Henrico County, and the City of Richmond to continue our efforts to help customers deliver life-changing therapies to patients in need," Johnston continued.
The Richmond bioanalytical lab provides services for all phases of biopharmaceutical development for small molecule drugs, biologics, vaccines, and biomarker testing. Drug testing services support drug efficacy and safety, including pharmacokinetics and pharmacodynamics (PK/PD), immunogenicity, and biomarker quantitation.
Thermo Fisher Scientific's clinical research business includes bioanalytical and good manufacturing practices (GMP) labs in Wisconsin, a GMP lab in Ireland, central labs in China, Belgium, Kentucky, and Singapore, a biomarker lab in Ohio, and a vaccines sciences lab in China.
Clinical laboratories play a prominent role in diagnosis. Several scientific studies have shown that test results from clinical laboratories drive about 70% of clinical decisions yet comprise less than 5% of hospital costs.
The laboratory's role will grow throughout the next few years, driven by key technological, social, and demographic trends.
Virginia Governor Glenn Youngkin stated that Thermo Fisher Scientific's expansion and creation of more than 500 new jobs is a "major win" for the Greater Richmond region and Virginia's life sciences industry.
