CHICAGO, IL (Tuesday, April 23, 2013) – The Biotechnology Industry Organization (BIO) released its “Bioscience Economic Development: Legislative Priorities, Best Practices, and Return On Investment” report today at the 2013 BIO International Convention.
The Best Practices Guide is the bioscience industry’s leading comprehensive analysis of state legislative and regulatory initiatives in support of economic development.
At the 2013 BIO International Convention, Tom Corbett (PA), Rick Perry (TX), and Jay Nixon (MO) came together to support the report’s release and discuss bioscience industry economic development and state policies that have proven successful in assisting industry growth.
Although the recent economic downturn impacted the bioscience industry’s financial wellbeing, almost every state in the country has continued to actively engage in building the bioscience infrastructure. From state sponsored programs to creating supportive tax environments in capital formation, states are encouraging investment and helping bioscience companies leverage their existing resources.
“The bioscience industry is an economic engine that provides high-wage, high-skilled jobs across a broad range of occupations,” said BIO President and CEO Jim Greenwood. “Wide-ranging collaboration between industry partners, universities, and policymakers is essential for bioscience economic development and industry growth.”
The report, which conducted a review of all 50 states and their initiatives to support bioscience companies, highlights key examples of state efforts to grow and sustain the bioscience industry while emphasizing the importance of developing trained workforces that will create, grow, and retain bioscience companies. In evaluating initiatives put forth by the states, the report also explores rational behind current legislative efforts and offers a reference guide showing the application of specific legislation in certain states and outcomes.
“America is the world leader in biotechnology. Our nation’s biotechnology industry is comprised of scientists, entrepreneurs, and large and small companies in all 50 states engaged in translating the latest scientific discoveries into innovative new medical therapies and environmental products, increased agricultural production and farm incomes, and greener bio-based products and biofuels,” said Greenwood. “Nationwide, our industry directly employs more than 1.6 million people and indirectly generates jobs for an additional 5 million people. These are high-quality jobs, paying substantially more than the average U.S. wage.”
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling “innovations transforming our world.” Subscribe to BIOtechNOW.