BIO Releases Bioscience Economic Development Report and Guide
Tuesday, April 23, 2013
Posted by: George Goodno
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.
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.”
Contact: George Goodno