According to the new BIO report, state lawmakers have recognized the importance of the industry, the authors state, and have responded to challenges facing the bioscience companies with legislative efforts focused on a supportive business climate.
This business climate includes increasing available funding, particularly for emerging companies in their state, and leveraging academic and medical research facilities to create strategically planned campus extensions such as Smart Zones or Innovation Zones that contain incubator space and incentives for start-up companies.
For instance, emerging companies in early-stage development benefit from angel investor and/or seed capital tax credits, testing companies benefit from capital and innovation investment tax incentives, and manufacturing companies utilize site and infrastructure grant funds.
The report details strategic policy initiatives across the states and outlines efforts to secure capital formation, such as the Connecticut Bioscience Innovation Fund and grant funding for early-stage life sciences companies from the Massachusetts Life Sciences Center.
Funding for bioscience workforce initiatives across the education spectrum is essential to meet the workforce and talent demands for the industry, the report asserts and it reveals efforts in several states, such as Colorado’s Industry Infrastructure Grant Program to support businesses in their implementation of work site training programs.
Other initiatives included in the report focus on academic, industry and state government partnerships; business climate policies; and, facilities and infrastructure investments.
BIO is the world's largest trade association representing 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.
BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.