New York Becomes a Bioscience Leader
New York ranks among the nation’s leaders in the bioscience industries, according to recent reports from the Milken Institute and trade publication FierceBiotech. The reports show New York to be a significant and growing locus for bioscience development.
According to the FierceBiotech’s “Top 5 Regions Targeting Biotech”, New York’s focus on stem cell research, abundant funding resources, and unique Qualified Emerging Company capital tax credit make it a key location for developing biotech. This is the second consecutive year in which New York has been named to the FierceBiotech “Top 5 Regions” list.
In the report, FierceBiotech says that “New York has been leveling the playing field to a point where start-ups could make a good case for setting up shop in a city that never sleeps. . . . New York has scientific talent to spare. With the right kind of support, it can also create a surge of new biotech businesses to commercialize the scientists’ discoveries.”
Likewise, a new report from the Milken Institute ranks Greater New York biotech as second only to Greater Raleigh-Durham in terms of the industry’s current impact. With the largest number of biotech workers of any metropolitan area in the U.S. and a relative growth rate far exceeding the national average, Greater New York ranked high in all categories of the Milken report, entitled “The Greater Philadelphia Life Sciences Cluster 2009: An Economic and Comparative Assessment.” The full report can be downloaded here.
“We in the State have long known that New York is a great place to build a biotech business,” said Nathan Tinker, Executive Director of NYBA. “Biopharma directly employs over 55,000 people in the state and is responsible for more than 130,000 jobs. And the industry generates more than $29 billion in total output annually or nearly 7% all direct biopharmaceutical output nationally.”
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