State Legislatures Magazine: March 2003
Editor's Note: This article appeared in the March 2003 issue of NCSL's magazine, State Legislatures. To order copies or to subscribe, contact the marketing department at (303) 364-7700.
On First Reading
Biotechnology-A New Tool for Economic Development
You've heard of the Rust Belt and the Bible Belt, but do you know about the "Biotechnology Belt?"
States are forming clusters of biotechnology research laboratories and companies to meet potential demands for products and as a unique means of economic development.
Michigan will spend $1 billion over the next 20 years to create a life sciences corridor. Kentucky has set up a "Bucks for Brains" program to lure biotechnology stars to its universities by supplementing their salaries. Wisconsin is investing $65 million of its public employee pension funds in life science companies.
Michigan's pledge to spend $50 million per year for 20 years "tells industry, academics and private investors of the state's seriousness in becoming a national biotechnology center," says Senator Dianne Byrum.
Twenty-two companies either moved to the state or started a new business during 2001, compared to almost none when the program began a few years ago.
Pennsylvania plans to spend $2 billion of its tobacco money on biotechnology, committing $100 million to establish business incubators. New York allocated $225 million for a biotech research program. And Assembly Speaker Sheldon Silver has earmarked $5 million in the capital projects fund as seed money for a $90 million project to convert lower Manhattan office space into a biotechnology center.
Recruiting biotechnology companies is big business. To date, 41 states have some program aimed at economic de-velopment related to the life sciences, according to the Biotechnology Industry Organization. At least 16 states are spending part of their tobacco lawsuit settlement money on biological projects in agriculture, marine bio-technology or genetically modified tobacco.
The biotechnology bandwagon holds high-paying jobs for constituents. The country's 1,457 biotechnology companies employ 191,000 people.
©2003, National Conference of State Legislatures. All rights reserved.
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