News

New Report Outlines Best Practices in Bioscience Economic Development Initiatives

The Biotechnology Innovation Organization (BIO), in partnership with the Council of State Bioscience Associations (CSBA), released a new report on bioscience economic development best practices, “Driving the Bioscience Economy Forward During the COVID-19 Pandemic: Best Practices in State and Regional Economic Development Initiatives.”

Now in its sixth edition, the report serves as a leading analysis of legislative and regulatory initiatives at the state and regional level for economic development in the bioscience ecosystem.

“Public policy at every level can have an enormous impact on growth, jobs, and innovation in the bioscience sector. And states are often the laboratories of new public policy, where cutting-edge ideas and approaches are tried and tested,” said Dr. Michelle McMurry-Heath, President and CEO of BIO. “This report provides a timely blueprint for how to support the bioscience economy and what state policymakers can do to help it flourish in the future.”

The report, which reviewed public policy strategies and programs in all 50 states, highlights new and innovative initiatives that enhance the future of the bioscience industry. In addition to several evaluations of specific state and policy examples, the report identified seven national trends for state bioscience growth in 2021:

  • States are building career pathways for future biosciences talent.
  • States and regions are implementing an overall supportive regulatory climate to ensure predictable and stable regulatory treatment of biosciences firms.
  • States and regions are focusing on developing their agricultural, industrial, and environmental bioscience sectors in addition to their biomedical and health sectors.
  • Physical infrastructure and facilities remain a priority.
  • Universities and other research centers’ technology transfer efforts are better understood by public agencies.
  • Proximity to academic innovation is a driving influence.
  • Increased focus on biomanufacturing is the future.

“This new report highlights the important role of private-public collaboration in a robust bioscience economy,” said Maria Thacker Goethe, Board Chair of CSBA and President and CEO of Georgia Bio. “Sound public policy at the state and local level can help create new ways to attract economic opportunity, build a strong workforce, and spur innovation.”

“For over a decade, these reports have presented an in-depth look at state-based policymaking and its direct impact on the biosciences,” said Pete Pellerito, Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives at BIO. “This latest edition offers a refreshed analysis for the public, policymakers, and others to understand the many elements that can drive the bioscience economy.”

Read the full report here.

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