Show Me the Money

As we saw yesterday, the biosciences can benefit a state’s economy. Thus, states should take the initiative to attract biosciences. There are several avenues that should be explored in order to develop a bioscience industry, which have been nicely laid out in the BIO report “State Legislative Best Practices in Support of Bioscience Industry Development” and summarized here:

• Technology Transfer:

States can put in place technology transfer programs to help with the commercialization process of new technologies developed through research, which will allow the incorporation of knowledge and innovation into the marketplace.

• Specialized Facilities:

Bioscience research requires specialized facilities, which can be costly. State governments can help offset this cost to support small and emerging bioscience companies.

• Venture Capital/Discovery Funds:

Innovative research and its commercialization often require private equity funding. States can help by passing measures that encourage venture capital and discovery fund investments in the bioscience sector.

• Bioscience Workforce Initiatives:

In order to maintain a bioscience industry, there must be an educated and technically proficient workforce. States should ensure that they can educate and retain qualified employees.

• Supportive Business Climate Incentives:

It is the role of legislators to ensure a public policy framework that maintains a stable business climate and allows incentives to attract biotech companies to the region.

Many states have begun bioscience initiatives that cover one or more of these enterprises. What is your state doing to support biosciences and bolster the economy?


This is Part 4 of 4 in our Economic Impact of R&D series.
Part 1 - Economic Impact of Research & Development
Part 2 - Biosciences: Where the Jobs Are
Part 3 - Economic Impact of R&D Ranked by State
Part 4 - Show Me the Money