New York - Top Five Regions Targeting Biotech, 2008

New York follows the California model

New York is one of those states that never quite measured up to its potential. With a host of top researchers at places like Columbia University Medical Center, Memorial Sloan Kettering and Cornell, there was never any shortage of brainpower. But the biotech industry--made up of the classic, early-stage developer with a thin pipeline and expansive hopes--has never flourished there.

To give itself a leg up, New York did what other states talked about, approving $600 million to back local embryonic and adult stem cell research projects. At the beginning of this year, the state handed out the first $14.5 million in grants for equipment and training in stem cell research. Like California, New York lawmakers are muscling in to support research work in a field that the federal government has shied away from. And whenever the state touts its new program, officials are always quick to point out that they’re now number two--just behind California--in supporting stem cell research work.

New York hopes its R&D program will provide the seeds for a new generation of biotech companies. What is certain is that even as the feds keep the lid on funds for biomedical research at the National Institutes of Health, states like New York continue to fill a crucial gap.