BIO Releases Bioscience Economic Development Guide
San Diego, CA (June 20, 2017) – The Biotechnology Innovation Organization (BIO) released “Bioscience Innovation in the States: Legislation and Job Creation through Public-Private Partnerships” today at the 2017 BIO International Convention.
The fourth edition of 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 2017 BIO International Convention, cabinet-level appointees representing Texas, Massachusetts, and Puerto Rico participated in the report's release by discussing bioscience industry economic development and state policies that have proven successful in assisting industry growth.
- Hon. Manuel Laboy Rivera, Secretary of Economic Development & Commerce, Puerto Rico
- Hon. Rolando Pablos, Secretary of State, Texas
- Hon. Nam Pham, Secretary of Business Development and International Trade, Massachusetts
- Hon. Stefan Pryor, Secretary of Commerce, Rhode Island
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.
“For a decade and a half, the bioscience industry has been a leading performer for the U.S. economy,” said BIO Senior Executive Vice President of Public Affairs Gary Andres. “This strong performance is due to the vital and wide-ranging collaborations between industry partners, universities, and policymakers that provides a business climate that supports the development of new bioscience products.”
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.
"Advances in biotechnology innovation have had an enormous impact on the U.S. economy, from delivering new medical therapies, to increased agricultural production and farm incomes, and greener bio-based products and biofuels," added Andres. "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."