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Public Policy Institute releases new report on New York’s bioscience sector
ALBANY (05/10/2012) — The Public Policy Institute (PPI), the research arm of The Business Council of New York State, today released an in-depth study on the challenges in attracting and retaining private-sector jobs and companies in New York’s lucrative bioscience sector.
Based on interviews with 30 industry experts as well as existing research, Cultivating the Next Generation of Discoveries and Development in New York Bioscience explores the opportunities and barriers facing companies in various stages of development and offers three public policy recommendations to foster public-private partnerships and make New York more competitive with other states:
- Create a Governor’s Council to spearhead development and marketing of the state’s bioscience industry.
- Establish a Small Business Innovation Research matching grant program for bioscience companies as well as a dedicated Biosciences Commercialization Fund.
- Increase the amount of affordable incubator and lab space for startups and early-stage bioscience companies.
The PPI report noted that the bioscience industry supports a total of 250,000 jobs – including 66,568 in the industry itself – in New York State, generating $5.3 billion in wages and $309 million in state income taxes. The report also noted that bioscience attracted substantial research funding to the state. In 2010 alone, research funding included $562.8 million from the Centers for Disease Control and Prevention, $491.9 million from the National Science Foundation, $32.8 million from the Agency for Healthcare Research and Quality and $4.5 million from the National Institutes of Health.
Heather Briccetti, president and CEO of The Business Council of New York State, said: “In order to compete in bioscience with states like California and Massachusetts — which have taken major steps toward becoming leaders in the industry — the Empire State needs to implement an aggressive strategy for growth. This report builds on quantitative data and examines the experiences of entrepreneurs, both positive and negative, in a sector that has created high-paying jobs and produced substantial revenue for our state. New York has all of the components to be a frontrunner in bioscience. However, without a focused approach, such potential will never be realized.”
Kathleen Arntsen, president and CEO of the Lupus Foundation of Mid and Northern New York, said: “For any New Yorker struggling with their own health condition or that of a loved one, medical research is our beacon of hope shining through the stormy seas of disease and an inadequate health care system. Research yields innovative therapies and diagnostic tools as well as the discovery of disease pathogenesis and cures. It is only through research development and expansion that our New York state communities and citizens can move in a healthier direction. We urge state officials to continue paving the way for additional medical research and keep our inspiration alive."
Laura L. Anglin, president of the Commission on Independent Colleges and Universities, which represents 100+ private, not-for-profit colleges and universities in New York State, said: “Higher education fuels innovation in the State of New York. Across the state, regional plans are now in place to actively encourage knowledge spillovers and bring academics together with business and industry to commercialize discoveries. New York is poised to capitalize on its biopharmaceutical assets to improve medical care, address the needs of our aging population, and create jobs. Our world-class private, not-for-profit universities and health science schools are delighted to be partners in efforts to grow and leverage investments in R&D.”
Nathan Tinker, executive director of the New York Biotechnology Association, said: “This report provides a rationale and road map for policymakers in New York to invest in the biopharm sector. Extraordinary economic and health care benefits would result.”
Nancy L. Zimpher, chancellor of the State University of New York, said: “The release of today’s report confirms that New York's biopharmaceutical clusters are at the foundation of the state’s economic development and job growth potential. Across New York, SUNY faculty and students are conducting essential biotechnology and life sciences research and discovery that translates into invention, innovation, entrepreneurship, economic opportunity, and public benefit. Working with our partners in the public and private sectors, SUNY will continue to help move New York’s bioscience industry forward.”
You can read the full report here.
The Public Policy Institute of New York State, Inc. is a research and educational organization whose purpose is to formulate and promote public policies that will restore New York's economic competitiveness. The Institute accomplishes this mission by conducting timely, in-depth research addressing key state policy issues. Founded in 1981 and affiliated with The Business Council of New York State, Inc., The Institute is a non-partisan, tax-exempt, 501 (c) (3) organization. The Institute depends on the support of corporations, individuals, and foundations for its income, and does not accept any government funding.