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Depending upon how you break it down, this is either Boston or SF/Bay Area. I don't think there's a definitive answer but they're undoubtedly the top 2 in either order.
Looking at commercialization here. Johns Hopkins, Pitt, Wash U/St Louis are leaders in NIH grants, but Baltimore, Pittsburgh, and St. Louis are not leaders in growing biotech companies. Similar trends with Yale/New Haven, UAB/Birmingham, AL, others.
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