The Biotechnology Innovation Organization (BIO) recently released a report on Bioscience Innovation in the States: Legislation and Job Creation through Public-Private Partnerships. This biennial report provides a good summary of state initiatives serving the industry plus a discussion of new developments and trends by state.
Offerings by state
- 16 states offer matching grants for Phase I and II Small Business Innovation Research (SBIR) grants to accelerate early stage development
- 25 states offer tax credits to angel investors or other early-stage fund investors who invest in technology companies including the biosciences
- 38 states offer sales tax exemptions on equipment for both research and development (R&D) and manufacturing with several exemptions specifically for biomanufacturing
- 21 states strive to increase the availability of venture capital, either by investing state dollars in private venture capital firms or funds of funds or by making direct investments in bioscience companies
- 38 states offer R&D tax credits for early stage research
This year’s trends in the bioscience arena include:
States respond to funding hurdles. “Policy makers have increased their support for biosciences through more targeted legislation to increase available funding, particularly for emerging companies in their state.”
Smaller metropolitan areas are gaining ground. Companies seek lower costs of occupancy but still require access to academic resources and an educated work force.
Agricultural, industrial and environmental bioscience are receiving greater attention. These efforts build on or supplement activities in the traditional biomedical and health sectors.
Mixed use campus expansions are popular. States and regions are working to leverage their base of academic and medical research facilities to create physical environments to support bioscience company growth.
This 2017 biennial state legislation best practices guide therefore reports on select state legislative efforts that focus on ways to support company creation, expansion, and attraction strategies in an increasingly competitive environment both in the US and elsewhere.