Massachusetts and California Biotech Initiatives Go Head-to-Head
In the past two years, Boston and San Diego have each hosted the Biotechnology International Convention, so it is no surprise that Massachusetts and California are also leading the nation with policies to drive biotech research and economic growth.
Despite last week’s move by California regulators to halt operations for direct-to-consumer genetic testing companies until they could verify various compliance requirements, California’s powerful advocate for scientific innovation, Governor Arnold Schwarzenegger, declared Wednesday at the BIO Convention that California “is the biotech capital of America, the biotech capital of the world.” Wishing the audience well in finding “a cure for what the Lakers had done yesterday,” Governor Schwarzenegger made one of his two main points of discussion California’s “promise of a carbon-free world.” Along with biotech development, he emphasized the importance of energy research, and said that he wanted to “reduce our dependence on dirty, expensive oil.”
The second component of his talk offered policies similar to the $1 billion Life Sciences Initiative passed in Massachusetts on Monday. The legislation, spearheaded by Governor Deval Patrick (D-MA), funds biotechnology research, building on and strengthening biotech industries in Massachusetts. Schwarzenegger and Patrick both aim to attract the top scientists and companies to their state. Schwarzenegger reached out to biotech scientists and entrepreneurs stating that, “California is the place to set-up shop.” He touted $73 billion in annual revenue for the California biomedical industry, which he added, “excludes the sales of Botox, which of course are due to Joan Rivers.” He noted that California Proposition 71, which created the California Institute for Regenerative Medicine and funds stem cell research, gave out half a billion dollars to California institutions. He also discussed developing a tax credit to attract top companies to the state. Venture capital investment in life sciences companies in the state is projected to increase to $4.3 billion in 2008, up from from $3.2 billion in 2007.
Massachusetts also benefits from a strong biotech collegiate environment, and the Massachusetts Bio-Technology Council, composed of Massachusetts life science companies and institutions, played a pivotal role in passing the $1 billion life sciences bill. Massachusetts has some other advantages. Boston is already “a major medical cluster” containing two world renowned universities, four medical schools, 20 teaching hospitals and over 500 life-sciences companies. Before heading off to the San Diego convention, Patrick announced that his plan contained $250 million in tax incentives to encourage companies to expand, $250 million in grants for research, fellowships for workforce training, and $500 million for infrastructure, including a stem cell bank at the University of Massachusetts Medical School. The bill has already proven successful in enticing biotech firms. Privately held Organogenesis Inc, a specialist in regenerative medicine, said publicly that the Life Sciences Initiative bill was a reason they will expand, opening a site in Massachusetts. In addition, Patrick said that this investment in Massachusetts biotechnology hub will create 250,000 jobs over the next ten years.
This simultaneous commitment through financial investment in biotechnology research and state economic growth will feed the healthy competition between the two states.
Tags: Innovation
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Well, carbon-free would be really good as it would void the planet of all life forms which depend on carbon in its various incarnations of carbon-dioxide, proteins, carbohydrates and fats. No carbon – no life – no problems.
June 25th, 2008 at 7:05 pmGreat recap of the battle between California and Massachusetts for the title of Biotech Capital of the World.
April 7th, 2009 at 7:10 pm