Last Thursday, the Public Policy Institute, the Business Council of New York State’s research arm, released a report which supports more state government support for the state’s bioscience sector. This sector includes drugs and pharmaceuticals, research, testing, and medical laboratories; and medical devices and equipment.
The report, Cultivating the Next Generation of Discoveries and Development in New York Bioscience, discusses the opportunities and barriers facing companies in various stages of development. It notes 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. It also notes that the industry attracts substantial research funding to the state.
In order to make New York more competitive with other states in this growing sector, report recommends:
- Creating a Governor’s Council to spearhead development and marketing of the state’s bioscience industry.
- Establishing a Small Business Innovation Research matching grant program for bioscience companies as well as a dedicated Biosciences Commercialization Fund.
- Increasing the amount of affordable incubator and lab space for startups and early-stage bioscience companies.