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Small businesses play a crucial role in bolstering local economies across the United States. In Maryland, there are approximately 696,710 small businesses, accounting for 99.6% of all firms in the state and employing about 1.2 million workers, which represents 47.9% of the total workforce. This demonstrates Maryland's significant contribution to fostering entrepreneurship and economic growth through its vibrant small business sector. Maryland stands out as a premier life sciences hub, boasting more than 3,400 life sciences companies that drive innovation in biotechnology, pharmaceuticals, and related fields. With over 500 biotechnology firms fueling advancements in areas like neuroscience and medical technology, the state anchors the BioHealth Capital Region—encompassing Maryland, Virginia, and Washington, D.C.—which ranks as the third-largest biopharma cluster in the nation based on metrics such as patents, NIH funding, venture capital, lab space, and jobs. This ecosystem, supported by institutions like the NIH and FDA, continues to attract investment and talent, solidifying Maryland's position as a national leader in life sciences.
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