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Bioscience important for state growth

July 06, 2017

The bioscience industry has had a positive impact on states’ economies and continues to be a driver of economic growth according to a new report from Biotechnology Innovation Organization (BIO). State lawmakers have recognized the importance of the industry, the authors state, and have responded to challenges facing the bioscience companies with legislative efforts focused on a supportive business climate, including increasing available funding, particularly for emerging companies in their state, and leveraging academic and medical research facilities to create strategically planned campus extensions such as Smart Zones or Innovation Zones that contain incubator space and incentives for start-up companies.

In Bioscience Innovation In The States: Legislation And Job Creation Through Public-Private Partnerships, BIO and its member companies have outlined three phases of bioscience company creation and expansion and identified legislative support mechanisms they say are needed in each phase. For instance, emerging companies in early-stage development benefit from angel investor and/or seed capital tax credits, testing companies benefit from capital and innovation investment tax incentives, and manufacturing companies utilize site and infrastructure grant funds. 

The report details strategic policy initiatives across the states and outlines efforts to secure capital formation, such as the Connecticut Bioscience Innovation Fund and grant funding for early-stage life sciences companies from the Massachusetts Life Sciences Center.

Funding for bioscience workforce initiatives across the education spectrum is essential to meet the workforce and talent demands for the industry, the report asserts and it reveals efforts in several states, such as Colorado’s Industry Infrastructure Grant Program to support businesses in their implementation of work site training programs.  

Other initiatives included in the report focus on academic, industry and state government partnerships; business climate policies; and, facilities and infrastructure investments.

policy, bioscience, economic development