Iowa Charts 10-year, $302M Biosciences Plan

A recent study completed for Iowa calls for continued investment in the biosciences - a 10-year, $302 million plan - to grow the industry and to create new job opportunities for the state.

Iowa's Bioscience Pathway for Development, released earlier this month, highlights Iowa’s core competencies and platforms for development of the biosciences industry. The researchers recognize three important assets: strong bioscience research capacity at several of the state's universities; core bio-industrial competencies in sectors such as biomass conversion, traditional biotechnology, pharmaceuticals and medical devices; and a significant workforce base already employed in bioscience-related jobs.

In fact, the report contends that Iowa's employment in the biosciences industry is 24 percent higher than the national average, with jobs paying $12,000 more than the state's median income. This large employment base is concentrated in organic and agricultural chemicals, with a focus on industrial applications geared toward energy, industrial commodities and specialty health products.

The plan emphasizes the need to encourage and facilitate the commercialization of bioscience research and development while fostering a business environment that supports the growth and sustainability of Iowa's firms. Twenty action steps to be undertaken by various groups are outlined through four broad focus areas. The actions range from developing bioscience educational programs to creating and funding an economic development director position on the Iowa Board of Regents within the first 12 months of strategy implementation.

The plan's $302 million price tag would be funded over 10 years, with roughly $170 million coming from the sale of bonds and about $132 million from direct state appropriations. Each state dollar invested is expected to be leveraged 5 to 1, with an estimated $1.5 billion coming from federal, industry and other private sources. The total projected economic impact is 16,050 new bioscience jobs by the year 2015.

The Iowa Department of Economic Development (IDED) invested approximately $230,000 to complete Bioscience Pathway for Development and another study. More than 500 interviews were conducted with representatives of organizations across Iowa. The plan is available through IDED at: http://www.iowasmartidea.com/