BIO Releases Bioscience Economic Development Guide

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

Contacts

George Goodno
202-962-6660
Web:
www.bio.org
Blog:
www.biotech-now.org
Twitter:
@IAmBiotech