Washington Creates $350M Life Science Fund

Washington Gov. Christine Gregoire last week signed a bill creating the Life Sciences Discovery Fund (see the Feb. 7 issue of the Digest). The fund will support life sciences research using $350 million in strategic "bonus" payments Washington will receive beginning in 2008 for its leadership role in the tobacco settlement. The state will receive the funds over a 10-year period. By leveraging funds from private and federal sources, the fund's total impact is expected to exceed $1 billion and is anticipated to drive important health care innovations, new company formation and job creation across the state.

The newly created Life Sciences Discovery Fund Authority, consisting of seven members to be appointed by the Governor and four members of the state legislature, will manage the fund and oversee the grant-making process. Criteria to be used by the authority in evaluating applications include: the potential to positively impact health care outcomes; evidence of public and private collaboration; the potential to leverage additional funding support from other sources; the potential to stimulate employment; and, the geographical diversity of grant recipients.

Passage of Engrossed Second Substitute Senate Bill 5581 was one of Gov. Gregoire's legislative priorities for the year. The bill was backed by a coalition of leaders from business, research institutions and civic organizations from across the state, including the Technology Alliance of Washington, which contributed to this story.