BIO Releases Bioscience Economic Development Guide - June 4, 2019

PHILADELPHIA--(BUSINESS WIRE)-- The Biotechnology Innovation Organization (BIO) released “Transforming Ideas into Advances: Best Practices in State and Regional Bioscience Economic Development Initiatives” today at the 2019 BIO International Convention.

The fifth edition of the Best Practices Guide is the bioscience industry’s leading comprehensive analysis of state legislative and regulatory initiatives in support of economic development.

Almost every state in the country has continued to actively engage in building bioscience infrastructure. Throughout the last decade, understanding of the economic potential of the industry has led to policies and programs that provide supportive tax environments in capital formation, technology transfer, and funding for a workforce to facilitate research, development, and manufacturing.

“The policies our elected officials pursue directly impact the ability of bioscience companies to turn breakthroughs in the lab into life-saving medications on the pharmacy shelf,” said Jim Greenwood, President and CEO of BIO. “This report demonstrates that amid challenging budget environments, state elected officials continue to lead and support economic development initiatives that encourage the type of innovation that leads to new bioscience products and continued job growth.”

The report, which conducted a review of all 50 states and their initiatives to support the 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 the rationale behind current legislative efforts and offers a reference guide showing the application of specific legislation in certain states and outcomes.

“Nationwide, our industry directly employs more than 1.7 million people. These are high-quality jobs, paying substantially more than the average U.S. wage,” added Greenwood. “Advances in biotechnology innovation have had an enormous transformative impact on the U.S. economy, translating the latest scientific discoveries to innovative new medical therapies, to increased agricultural production and farm incomes, and greener bio-based products that will continue to benefit for generations to come.”

Download the Report at: bio.org/bestpractices

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