Montgomery County Life Sciences Market Can Grow More With Proper Planning
ROCKVILLE, Md., May 25 , 2023 – As the fourth largest region to receive funding from the National Institutes of Health (NIH), Maryland continues to attract interest from life science companies. At a recent panel discussion hosted by the Washington Business Journal, DPR Construction’s Abhishek Dhawan shared life science construction trends and challenges faced today by firms considering new capital projects, focusing on how proper planning can be a key to navigating our current economic climate.
“As inflation and interest rates are becoming more of a concern, this presents an opportunity for owners, developers, design teams and builders to come together to identify and source materials in a timely manner to build these evolving manufacturing and R&D facilities,” said Dhawan. “As a solution to circumvent these fluctuations in the market, prefabrication continues to benefit owners by providing consistency during the building process, reducing labor demands, saving construction costs, while ensuring project delivery in innovative ways.”
Developers are focused on R&D facilities and less on manufacturing, due to expensive and limited available land in the area. Dhawan believes that bridging this gap would provide growth potential for owners, their businesses, and networks. More manufacturing facilities, he said, will also bring more job opportunities. Companies who invest in manufacturing will attract and retain talent as there are fewer domestic manufacturing hubs.
Dhawan added, “From big pharma to start-ups, Maryland has established a diverse talent pool. I believe that there is tremendous potential and what this area really needs is the right investment to continue growth & development.”
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Posted on May 25, 2023