Public Policy Institute releases new report on New York's bioscience sector

ALBANY, NY (05/10/2012)(readMedia)-- The Public Policy Institute (PPI), the research arm of The Business Council of New York State, today released an in-depth study on the challenges in attracting and retaining private-sector jobs and companies in New York's lucrative bioscience sector.

Based on interviews with 30 industry experts as well as existing research, Cultivating the Next Generation of Discoveries and Development in New York Bioscience explores the opportunities and barriers facing companies in various stages of development and offers three public policy recommendations to foster public-private partnerships and make New York more competitive with other states:

• Create a Governor's Council to spearhead development and marketing of the state's bioscience industry.
• Establish a Small Business Innovation Research matching grant program for bioscience companies as well as a dedicated Biosciences Commercialization Fund.
• Increase the amount of affordable incubator and lab space for startups and early-stage bioscience companies.

The PPI report noted that the bioscience industry supports a total of 250,000 jobs – including 66,568 in the industry itself – in New York State, generating $5.3 billion in wages and $309 million in state income taxes. The report also noted that bioscience attracted substantial research funding to the state. In 2010 alone, research funding included $562.8 million from the Centers for Disease Control and Prevention, $491.9 million from the National Science Foundation, $32.8 million from the Agency for Healthcare Research and Quality and $4.5 million from the National Institutes of Health.


*The article links to the full report (which is free)
http://readme.readmedia.com/Public-Policy-Institute-releases-new-report-on-New-Yorks-bioscience-sector/3892676