BIO Releases Bioscience Industry Growth And Development Guide

Main Category: Pharma Industry / Biotech Industry
Article Date: 28 Jan 2009 - 7:00 PDT

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The recent economic downturn is significantly impacting the financial wellbeing of America's bioscience industry. To address the current economic realities, the Biotechnology Industry Organization (BIO) today released a "Best Practices" guide for the bioscience industry. The policies and legislation cited in this updated guide are key examples of state efforts to grow and sustain bioscience industry development.

Almost every state in the country is actively engaged in building bioscience industry infrastructure. State sponsored programs to encourage investment and help bioscience companies leverage existing resources can be instrumental in helping these innovative companies survive this economic cycle. The report, entitled, "State Legislative Best Practices in Support of Bioscience Industry Development" chronicles several types of state programs that have been very helpful in forming and sustaining bioscience industry development.

"While the economic climate has been difficult for bioscience companies, it has also had a significant impact on state budgets, causing many states to cut programs and reassess economic priorities. However, the biosciences continue to be a high growth, high value industry for many states," said Patrick Kelly, Vice President for State Government Relations and Alliance Development for BIO.

This guide provides examples of state efforts to invest in the fundamental components of early stage research and efforts to encourage capital investment. Furthermore, it demonstrates the importance of developing trained workforces that will create, grow, and retain bioscience companies. The guide also explores the rationale behind current legislative efforts as well as serves as a practical reference guide to the specific legislation put in place in the states.

BIO's State Legislative Best Practices in Support of Bioscience Industry Development guide can be accessed here.

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About BIO

BIO represents more than 1,200 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world.

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