NEW YORK, April 17 /PRNewswire/ -- As the New York Biotechnology Association (NYBA) kicks off its annual meeting in New York City, it announced today that according to a nationwide study, New York State’s prosperous biotechnology business sector continues to grow. The report, “Growing the Nation’s Bioscience Sector: State Bioscience Initiatives 2006" was conducted by Battelle on behalf of the Biotechnology Industry Organization (BIO), and cited increased efforts by New York in developing new life science research facilities, attracting private and public investments to support this growth, as well as stimulate job growth in this important business sector. This report profiled state policies and programs that provide support to bioscience companies in addition to providing state-by-state employment data for all bioscience sectors, including drugs and pharmaceuticals, medical devices and equipment, research, testing and medical laboratories, and agricultural biotechnology.
“The Battelle Report reaffirms that the investments in research and development being put forth by the New York State legislature and private industry continue to reap economic dividends throughout the state,” said Karin Duncker, NYBA’s executive director. “Beyond the job growth and other areas of economic development, biotechnology’s real value will be obtained through the continued commercialization of new drugs developed by the NYS biotech community that treat the diseases faced by residents of our state and the world.”
Some of the noteworthy developments and accomplishments within New York’s biotechnology sector that have occurred in the past year include:
-- Governor George Pataki proposed a new $200 million “Biotechnology and Biomedicine Research Initiative” that will support equipment acquisition and facility recruitment; -- A new bioscience research part in New York City began development; -- Expansion of the state’s Qualified Emerging Technology Company (QETC) tax credit program to include refundable tax credits up to $250,00 a year per firm; -- Investment in the 150,000-square-foot “Center of Excellence in Bioinformatics and Life Sciences at SUNY Buffalo as part of the Governor’s Centers of Excellence initiative; -- New or expanded bioscience incubators have opened at SUNY campuses in Stony Brook, Farmingdale, and Brooklyn, and Cornell University’s Geneva campus; and -- State investment in life science-focused venture funds and investment programs.
In addition, the report highlighted that the drug and pharmaceutical sector accounts for one-quarter of the national bioscience employment and that the NY metropolitan area has the highest level of this employment in the country at 51,978.
NYBA’s annual two-day meeting has brought together leaders in the biotechnology community to examine and discuss issues vital to the industry from a financial, public policy, research and business development perspective. More than 500 scientists, medical researchers, biotechnology business executives, investors, policy makers and journalists have convened for NYBA’s 16th annual meeting. For information on the Batelle Report, please visit the BIO website: http://www.bio.org .
About NYBA
NYBA is the leading advocate for advancing the success of the biotechnology industry in New York State and is its main representative to policy makers, the media and the communities in which we work. Our mission is to support the development and growth of New York’s biotechnology industry, and serve our members and the biotechnology community by providing a network for information exchange, shared services and collective action. NYBA’s membership comprises over 250 bioscience companies, world-class research institutions and related professional services. Under the banner of The Cures Start Here(R), our goal is to amplify the success New York has had and continues to have in discovering major medical advances and growing a vibrant biotech industry. For more information on NYBA programs and initiatives, visit our website at http://www.nyba.org .
NYBA
CONTACT: Karin Duncker of NYBA, +1-212-332-4395, +1-212-332-4398,kduncker@nyba.org
Web site: http://www.nyba.org/http://www.bio.org/
