Philadelphia, PA – The Biotechnology Industry Organization (BIO) released “Bioscience Economic Development in the States: Legislation and Job Creation Best Practices” today at the 2015 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 2015 BIO International Convention, Governor Jack Markell of Delaware and Governor Dennis Daugaard of South Dakota participated in the report's release and discussed bioscience industry economic development and state policies that have proven successful in assisting industry growth.
This updated biennial report highlights new economic development initiatives enacted in the 2013 and 2014 legislative sessions that focus on key strategic building blocks for all phases of bioscience industry development.
Key Report Highlights Include:
· 16 states offer matching Small Business Innovation Research (SBIR) grants to accelerate early stage company development
· 25 states offer tax credits to angel investors who invest in biosciences companies
· 36 states offer sales tax exemptions for the purchase of biomanufacturing equipment
· 21 states invest in private venture-capital firms that fund small and emerging bioscience companies
· 39 states offer R&D tax credits for early stage research that is vital in moving research into commercialization
“State-level legislative and regulatory policy directly impact the innovation that brings research from the lab to the marketplace,” said BIO President and CEO Jim Greenwood. “This report demonstrates the value of effective public policy in fostering the bioscience industry as an economic engine that provides high-wage, high-skilled jobs.”
The report, which conducted a review of all 50 states and Puerto Rico, focuses on 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 the rationale behind current legislative efforts and offers a reference guide illustrating the application of specific legislation in certain states and outcomes.
"Our nation’s biotechnology industry is comprised of entrepreneurs and scientists in all 50 states engaged in translating the latest scientific discoveries into innovative products that heal, fuel and feed the world," added Greenwood. “While we are the world leader in biotechnology, our position cannot be taken for granted. Wide-ranging collaboration between industry partners, universities and policymakers is essential for bioscience economic development and industry growth.”
This updated biennial report highlights new economic development initiatives enacted in the 2013 and 2014 legislative sessions that focus on key strategic building blocks for all phases of bioscience industry development.
Key Report Highlights Include:
· 16 states offer matching Small Business Innovation Research (SBIR) grants to accelerate early stage company development
· 25 states offer tax credits to angel investors who invest in biosciences companies
· 36 states offer sales tax exemptions for the purchase of biomanufacturing equipment
· 21 states invest in private venture-capital firms that fund small and emerging bioscience companies
· 39 states offer R&D tax credits for early stage research that is vital in moving research into commercialization
“State-level legislative and regulatory policy directly impact the innovation that brings research from the lab to the marketplace,” said BIO President and CEO Jim Greenwood. “This report demonstrates the value of effective public policy in fostering the bioscience industry as an economic engine that provides high-wage, high-skilled jobs.”
The report, which conducted a review of all 50 states and Puerto Rico, focuses on 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 the rationale behind current legislative efforts and offers a reference guide illustrating the application of specific legislation in certain states and outcomes.
"Our nation’s biotechnology industry is comprised of entrepreneurs and scientists in all 50 states engaged in translating the latest scientific discoveries into innovative products that heal, fuel and feed the world," added Greenwood. “While we are the world leader in biotechnology, our position cannot be taken for granted. Wide-ranging collaboration between industry partners, universities and policymakers is essential for bioscience economic development and industry growth.”
