State Governments Encouraging Biotechnology Growth
WASHINGTON, D.C. (October 1, 2001) - Today the Biotechnology Industry Organization (BIO) released the results of the first comprehensive survey of state government efforts to attract and grow the biotechnology industry. The report, "State Government Initiatives in Biotechnology 2001," contains information from 48 states, and shows state governments becoming increasingly active in recruiting and supporting biotechnology companies.
"This report documents the variety of programs and incentives created by state
governments to encourage the formation and growth of technology-based industries," said Patrick Kelly, director of state government relations at BIO.
As an example of state government innovation in biotechnology initiatives, 16 states are utilizing their tobacco settlement funds for bioscience-related research and development. In addition, 28 states reported having at least one publicly supported venture fund that can invest in bioscience-related companies. The majority of states that responded to the survey have research and development tax credits, sales and use tax exemptions, or investment tax credits related to biotechnology.
"There are 41 states with one or more efforts already underway in support of
this industry," said Kelly. "We hope that state legislators and economic development officials will utilize the information in this report to continue fostering a strong environment for biotechnology."
The report, compiled by Battelle Memorial Institute and the State Science and Technology Institute (SSTI), shows trends in a variety of financing ventures, higher education initiatives, networking mechanisms, research parks and academic health centers involved in biotechnology. It also includes profiles of each state, and demonstrates the need for continued collaboration between the private and public sectors to further strengthen the industry and create new, high-paying jobs.
The full report is available on BIO''s Web site - www.bio.org.
BIO represents more than 1,000 biotechnology companies, academic institutions, state biotechnology centers and related organizations in all 50 U.S. states and 33 other nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental biotechnology products.
The Battelle Memorial Institute, headquartered in Columbus, Ohio, is one of the world''s largest non-profit research and development organizations. This report was prepared through its Technology Partnership Practice, based in Cleveland, Ohio, which works with regions, states, higher education institutions, and industry to assist them in designing and implementing strategic technology investments to grow their economies.
SSTI is a national non-profit organization dedicated to improving government-industry programs that encourage economic growth through the application of science and technology. The Institute also works to advance cooperation between the states and the federal cooperative technology programs for more effective economic development.
* * *