Incentivizing Biotech Growth; States and Regions Look to Stand Out from the Crowd

The United States’ prolonged economic woes have drastically impacted state budgets, causing across-the-board program cuts and reassessment of priorities. The bioscience industry was not immune to the crisis, but did begin to rebound much faster than many other industries.

Because the biosciences remain a source of high-wage, high-skill jobs, almost every state in the country is actively engaged in building fundamental industry infrastructure. State-sponsored programs to encourage investment and help bioscience companies leverage existing resources can be instrumental in helping promising start-ups survive this economic cycle.

Last week, bio.org published an article that highlights successful efforts by state and regional economic development organizations to attract and grow biosciences companies.

Many cities and counties are also very aware of the bioscience industry’s economic potential and have established programs and incentives to support start-ups and companies looking to expand.

Michigan State University

Proximity to academic institutions, such as Michigan State University, is a key element of successful biotech hubs.

The Lansing State Journal recently published an interesting article about the attractive mix of incentives that enticed a San Diego company to relocate to central Michigan. The article, which quotes Peter Pellerito, interim vice president for state government relations at BIO, draws attention to the all important ingredient of human capital.

You can read more about the industry’s dependence upon the skills of a specially trained workforce and the negative impact of states’ lagging educational standards here.

In the below video, Mitch Horowitz of the Battelle Technology Partnership Practice discusses the opportunities that exist across the U.S. biotech sector.

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