Southern Florida is experiencing one of the most significant economic transformations in the US. Once viewed primarily through the lens of tourism, wealth management, and sunshine-migration, the region is increasingly attracting some of the world’s most influential companies; it is a shift that reflects deep structural changes in how and where innovation chooses to cluster.

Over the past several years, the Miami-Fort Lauderdale corridor has become a magnet for high-growth enterprises and global brands. Citadel, the hedge fund, for example,relocated its global headquarters to Miami. Blackstone expanded with a major new technology office. Apple announced plans for a 45,000-square-foot engineering hub. Emerging artificial intelligence (AI)-driven healthcare intelligence platforms such as OpenEvidence have chosen Miami as a strategic home base.

These moves are not isolated events. Together, as the data and trends illustrate, they mark a broader rebalancing of the US innovation landscape, driven by companies seeking a business-friendly environment, global accessibility, diversified talent pools, and a quality of life that retains workers long-term. As capital and intellectual horsepower migrate south, the region is taking on a new identity: not just a place to live, but a place to build.

Amid this macroeconomic realignment, one sector stands to reshape South Florida’s economic future: biotechnology.

Cross-industry growth fueling a biotech surge

The same dynamics drawing financial powerhouses, technology firms, and AI companies to the region are accelerating the rise of a robust life sciences corridor. Greater Miami’s global connectivity, multicultural population, business-friendly climate, expanding research institutions, and growing base of high-skill workers are creating the conditions for a biotech ecosystem with both national and global relevance.

Southern Florida’s life sciences evolution is happening in rapidly real time, with measurable gains in company formation, investment flows, clinical trial activity, and biomanufacturing capacity.

The momentum is capturing the attention of industry leaders who envision the possibility of a new kind of biotech hub—one that blends translational science, multicultural clinical research, and global logistics with an entrepreneurial culture that has become unique to the region.

Redefining biotech in a distributed era

South Florida is not replicating Boston or the Bay Area; it is reshaping what a modern biotech cluster looks like in a distributed innovation era. Florida’s bioscience workforce reached 116,635 employees across 9,481 companies in 2023, an 18.7% increase since 2019, outpacing national life sciences employment growth.¹ Palm Beach County alone is home to more than 625 life sciences companies employing 7,800 workers, with average salaries exceeding $117,000.²

The broader Miami-Fort Lauderdale-West Palm Beach metro produced $533.7 billion in GDP in 2023, a nearly 9% year-over-year increase.³ Migration continues to rise with a reported 123,471 new residents between 2023 and 2024, and roughly 42% foreign-born, giving the region unparalleled diversity for clinical trial recruitment.⁴

Capital inflows, in recent years, have reflected this overall maturation. Between 2019 and 2023, for example, Florida attracted $4.29 billion in bioscience venture capital.⁵ In 2024 alone, Miami-headquartered companies raised $2.77 billion, including $546 million in Q2 2025.⁶ The migration of hedge funds, family offices, and private equity firms has directly expanded the availability of biotech-focused capital.

To that end, in 2025,close to 500 executives and investors launched theMiami Biotech Collective (MBC), a community designed to connect, educate, and accelerate the region’s growing ecosystem. It was created to turn the momentum of energy, capital, and leadership into structure—to align founders, leaders, and investors, and position Miami on the national biotech stage. In December 2025, MBC hosted its inaugural Annual Summit in partnership with JP Morgan, bringing together a full cross-section of senior executives—including health system and pharma leaders—for the first time in the same room to engage around the future of biotech in South Florida.

The area’s ascent fits a broader national trend: the decentralization of biotechnology innovation. As costs rise in established hubs and remote research models proliferate, new regions with lower barriers and stronger connectivity are emerging as competitive alternatives.

“Southern Florida as a biotech hub is on the cusp” contends Rich Daly, president and CEO of Catalyst Pharmaceuticals, a rare disease-focused company based in the region. Daly is working closely with state leaders to continue to build attractive incentives for business growth across the region. When asked by Life Science Leader about local strengths that are bringing talent to the region, Daly believes what attracts talent is you “feel like you can make a difference.”⁷

Forces converging in Southern Florida

Beyond talent migration and entrepreneurial energy, the region’s research, manufacturing, and logistics infrastructure is maturing, creating a corridor capable of discovery, translation, and production within a single geography.

Academic and clinical leadership

• University of Miami Miller School of Medicine: Florida’s top NIH-funded medical school secured $174.2 million in 2023. It is expanding with a $50 million Griffin Cancer Research Building and a $30 million computational biology program.^8,9
• Sylvester Comprehensive Cancer Center: The region’s only National Cancer Institute (NCI)-designated cancer center south of Tampa; it raised $300 million and is currently undergoing a $50 million new research facilities expansion.
• Miami medical excellence includes ophthalmology, where University of Miami’s Bascom Palmer Eye Institute isranked the No. 1 eye hospital in the US by US News and World Report.
• The Miami Cancer footprint is soon to expand with the opening early this year of the Mount Sinai Miami’s Braman Comprehensive Cancer Center. The center is affiliated with Columbia University, and received $250 million financing, including from prominent families such as Irma and Norman Braman, as well as Citadel’s Ken Griffin.
• Baptist Health South Florida: Committed $500 million to capital projects, including expansions in neuroscience¹⁰ and the creation of the nation’s first Women’s Cancer Center.¹¹
• UF Scripps Biomedical Research (Jupiter, FL.): Executed a $1 billion expansion following a record philanthropic gift and significant new awards.¹²

“Our aim is to create an unbroken pipeline from discovery to trial, supported by world-class research and the unparalleled diversity of this region,” said Stephen Nimer, MD, director of Sylvester, during the 2025 Oppenheimer Miami Oncology Summit in November. “Since 2023, we have experienced a significant increase in clinical trials across interventional trials, Phase I, II/III and IIIs. In the next five years, we expect to see more trials launched here that would have previously defaulted to other regions.”¹³

Manufacturing and logistics

• GBI Biomanufacturing (Plantation, FL.) and Longeveron’s eight good manufacturing practice (GMP) cleanrooms in Miami illustrate local capacity to produce biologics and cell therapies at scale.
• Miami International Airportis reportedly the No.1 hub for international freight and the first certified International Air Transport Association pharma hub. This allows streamlined import/export of reagents and therapies, creating a local logistics backbone unmatched in the country.¹⁴

For commercial-stage enterprises, this end-to-end capability is a competitive advantage that historically required operations in the Northeast or West Coast.

Strengthened credibility

A growing roster of organizations and developers active in the region is demonstrating the scientific and commercial maturity that is taking shape.

Summit Therapeutics (Miami)

Led by serial biotech entrepreneurs and co-CEOs Bob Duggan and Maky Zanganeh, DDS (both, notably, behind the success of Pharmacyclics in former roles), Summit has rapidly established itself as a leader in PD-1/VEGF bispecific development—signaling confidence from establishedoperators. “Our strategy is to develop the most promising medicines wherever the environment supports rapid advancement,” said Duggan during a 2024 earnings call. “Summit is committed to going where innovation can thrive.”¹⁵

Catalyst Pharmaceuticals (Coral Gables)

A rare disease biopharma that is now generating more than $500 million in annual revenue, Catalyst has proven that commercial-stage success can be achieved from Florida. In 2018, the company launched Firdapse (amifampridine), the only evidence-based, FDA-approved treatment for adult patients with Lambert-Eaton Myasthenic Syndrome, an autoimmune disorder most often characterized by fatigable limb muscle weakness. More recently, Forbes named Catalyst as No. 11 on its 2026 list of America's most successful small-cap companies.¹⁶

NAYA Therapeutics (Miami)

The radiopharmaceuticalcompany, an emerging leader in Astatine-211 alpha therapy, is building an R&D center of excellence and a decentralized GMP manufacturing unit in Miami in close collaboration with Sylvester Cancer Center. With its unique properties as an alpha emitter, Astatine-211 represents a novel approach in precision oncology. Miami may provide the ideal environment required to usher these therapies from concept to clinic. The region’s growing radiopharma capabilities haveenabled NAYA to advance its clinical programs and accelerate this potential treatment pathway to patients.

Pasithea Therapeutics (Miami)

A clinical-stage biotech focused on central nervous system disorders and cancers, Pasithea recently announced a $60-million public offering of common stock, one of the larger financings by a Miami-based biotech.¹⁷ The raise reflects broader investor confidence in South Florida’s biotech pipeline and is a strong signal that the region supports not only early innovation but the scale-up for clinical-stage growth.

OPKO Health (Miami)

OPKO Health, Inc. is a multinational healthcare company engaged in the diagnostics and pharmaceuticals businesses in the US, Ireland, Chile, Spain, Israel, Mexico, and other international locales. Publicly traded since 2016, OPKO’s stated model “underscores the value of risk-taking, innovation, and persistent strategic evolution—principles that remain as vital today as they were at the company’s inception.”¹⁸

iTolerance (Miami)

The regenerative medicine company is advancing an immune-tolerance platform enabling islet-cell transplantation without lifelong immunosuppression. iTolerance has demonstrated that teams can successfully move a complex cell-based therapy from the preclinical to clinical development stage in the region.

SAB Bio (Miami)

A clinical-stage biopharma company with a novel immunotherapy platform that is developing human anti-thymocyte immunoglobulin for delaying progression of autoimmune type 1 diabetes (T1D) in newly diagnosed autoimmune T1D patients.SAB recently announced it entered into a securities purchase agreement to raise $175 million upfront in gross proceeds in an oversubscribed private placement financing. This includes participation from strategic investor Sanofi, RA Capital Management, Commodore Capital, Vivo Capital, Blackstone Multi-Asset Investing, Spruce Street Capital, Forge Life Science Partners, and Woodline Partners LP, and existing investors Sessa Capital, the T1D Fund, and ATW Partners.¹⁹

Other notables

Companies such as Insightec, Senolytix, and Axonal.AI further diversify the corridor across medtech, diagnostics, longevity therapeutics, and AI-driven commercialization, respectively.

Collectively, these examples demonstrate that pursuits around life sciences innovation are reaching a critical mass in South Florida. For the first time, it can be argued that founders, investors, and academics are aligned around a shared goal: making the region a biotech hub that’s distinctively global.

Challenges of emerging economy

Despite the rapid progress, several structural challenges will determine whether Southern Florida can sustain long-term momentum, including:

• Infrastructure: The region lacks sufficient wet lab and incubator space. Experts estimate a need for an additional 300,000 square feet within five years.²⁰
• Talent depth: The region must continue to attract more senior regulatory; chemistry, manufacturing, and controls (CMC); and commercial operators.²¹
• Capital concentration: Venture activity is increasing but still lags behind major coastal hubs.²²

These challenges reflect the needs of a biotech economy that is growing and beginning to scale. They create an opportunity to design solutions that are uniquely suited to South Florida—through structure, coordination, and collective effort.

Outlook — the next five years

Southern Florida is transitioning from an “emerging cluster” to a scaling life sciences innovation hub.

• Clinical trial leadership: Diversity, NCI designation, and rising NIH funding are positioning Southern Florida for double-digit growth in clinical trials conducted in the region.
• Commercial growth: Catalyst, Summit, and OPKO, are expected to anchor the momentum.
• Manufacturing expansion: Local GMP and radiopharma capacity is growing.
• Global gateway status: Miami’s logistics and multilingual talent base uniquely position the port city as a bridge to Latin America and Europe.

From emerging cluster to global contender

As outlined in this report, Southern Florida’s biotechnology sector is reaching measurable critical mass in company formation, research funding, investment, and manufacturing.

Long-term permanence will depend on three strategic imperatives:

1. Capital: Continue developing active presence of venture funds and crossover investors.
2. Talent: Expand workforce development across regulatory, CMC, and commercialization disciplines.
3. Infrastructure: Accelerate lab and GMP build-outs.

If these elements align, Southern Florida could become the “San Diego of the East Coast”—not by imitation, but by leveraging the region’s diversity, connectivity, and entrepreneurial culture. A place where companies are founded, scaled, and stay.

About the Authors

Daniel Teper, PharmD, MBA,is the founder and CEO of NAYA Therapeutics. He has over 30 years of leadership experience as a biopharma entrepreneur, corporate executive, and management consultant. Previously, Teper was the chairman and CEO of Cytovia Therapeutics and the CEO of Immune Pharmaceuticals, which he listed on NASDAQ. He started his career at Novartis in Basel and then in the US, where he held management responsibilities in sales and marketing and as head of cardiovascular, new product development.

Raquel Cabo, MSc, is the founder andPresident of Miami Biotech Collective. She has over 20 years of experience spanning biotech and medtech, with a focus on commercial strategy and operational leadership. Cabo also serves as a strategic advisor, partnering with CEOs and leadership teams to shape strategy and operations that accelerate companies toward critical inflection points. Previously, she was part of the founding team and the first commercial hire at Ovid Therapeutics.

References

1. The US Bioscience Economy: Driving Economic Growth and Opportunity in States and Regions. TEConomy / BIO 2024. https://bio.widen.net/s/hflmb92hwx/the-us-bioscience-economy-driving-economic-growth-and-opportunities-in-states-and-regions

2. Life Sciences Sector Data Brief. Business Development Board of Palm Beach County. 2024. https://bdb.org/industries/life-sciences-healthcare/

3. Gross Domestic Product by County and Metropolitan Area, 2023.US Bureau of Economic Analysis. December 4, 2024. https://www.bea.gov/news/2024/gross-domestic-product-county-and-metropolitan-area-2023

4.American Community Survey 5-Year Data. US Census Bureau. December 12, 2024. https://www.census.gov/data/developers/data-sets/acs-5year.html

5. Industry Venture Capital Dashboard, 2019–2023. BioFlorida. 2025. https://www.bioflorida.com/page/IndustryData

6. Tax Incentive Profile. Enterprise Florida. 2024 update.

7. BoB in South Florida: Rich Daly, Catalyst Pharmaceuticals. Life Sciences Leader video. https://www.lifescienceleader.com/doc/bob-in-south-florida-rich-daly-catalyst-pharmaceuticals-0001

8. Miller School Maintains Top NIH Ranking as Neurosurgery, Urology Programs Celebrate Significant Increases. Miller School of Medicine. March 20, 2024. https://news.med.miami.edu/miller-school-maintains-top-nih-ranking-as-neurosurgery-urology-programs-celebrate-significant-increases/

9. Business Leader and Philanthropist Ken Griffin Makes $50 Million Gift to University of Miami. University of Miami. March 5, 2024. https://news.miami.edu/stories/2024/03/business-leader-and-philanthropist-ken-griffin-makes-50-million-gift-to-university-of-miami.html

10. Baptist Health Foundation Announces Historic $50 Million Gift from Kenneth C. Griffin. Baptist Health. March 19, 2024. https://baptisthealth.net/newsroom/press-release/baptist-health-foundation-announces-historic-50-million-dollar-gift-from-kenneth-c-griffin

11. Baptist Health Reaches Construction Milestone for the Al and Jane Nahmad Women’s Cancer Center. Baptist Health. October 9, 2025. https://baptisthealth.net/newsroom/press-release/baptist-health-reaches-construction-milestone-for-the-al-and-jane-nahmad-womens-cancer-center

12. 2024-2025 Annual Report. UF Scripps Institute for Biomedical Innovation & Technology. https://fliphtml5.com/lwdsz/ftdv/The_Herbert_Wertheim_UF_Scripps_Institute_for_Biomedical_Innovation_%26amp%3B_Technology_-_Annual_Report_2425/

13. Miami Oncology Summit: University of Miami Sylvester Comprehensive Cancer Center Director Stephen Nimer Discusses the Clinical and Non-Clinical Research Happening Here Today. Biotech TV. November 6, 2025. https://www.biotechtv.com/post/miami-oncology-summit-stephen-nimer

14. Annual Comprehensive Financial Report. Miami-Dade Aviation Department. 2024. https://www.miami-airport.com/library/pdfdoc/Annual%20Reports/2024%20Annual%20Comprehensive%20Financial%20Report.pdf

15. Summit Therapeutics Q2 2024 Earnings Call. Summit Therapeutics webcast. August 6, 2024. https://smmttx.com/investor-information/summit-presentations/events/event-details/2024/Summit-Therapeutics-Q2-2024-Earnings-Call/default.aspx

16. Catalyst Pharmaceuticals Receives Prestigious Ranking on Forbes 2024 List of America's Most Successful Small-Cap Companies. Catalyst press release. December 5, 2023. https://ir.catalystpharma.com/news-releases/news-release-details/catalyst-pharmaceuticals-receives-prestigious-ranking-forbes

17. Pasithea Therapeutics Announces Closing of $60 Million Public Offering of Common Stock. GlobeNewswire. November 28, 2025. https://www.globenewswire.com/news-release/2025/11/28/3196323/0/en/Pasithea-Therapeutics-Announces-Pricing-of-60-Million-Public-Offering-of-Common-Stock.html

18.The History Of Opko Health, Inc. - Common Stock (OPK). Financial Content. April 1, 2025. https://www.financialcontent.com/quote/NQ:OPK/about

19. SAB BIO Announces Oversubscribed $175 Million Private Placement. SAB BIO press release. July 21, 2025. SAB BIO Announces Oversubscribed $175 Million Private Placement. https://ir.sab.bio/news-releases/news-release-details/sab-bio-announces-oversubscribed-175-million-private-placement

20. U.S. Life Sciences Outlook 2025. CBRE. February 6, 2025. https://www.cbre.com/insights/books/us-life-sciences-outlook-2025

21. U.S. Life Sciences Research Talent 2023. CBRE. June 5, 2023. https://www.cbre.com/insights/books/us-life-sciences-research-talent-2023

22. State of the Life Sciences Industry. BioFlorida. 2025. https://www.bioflorida.com/page/SOI16