The current economic situation will hurt biotech, as well as emerging tech sectors, such as clean tech, but these industries "will eventually bring us out of this collapse," Sandra Kay Helsel tells the Arizona Daily Star. "Innovation and emerging tech are the drivers of the future."
And who will be at the forefront when biotech comes out on the other end of this whirlwind? It could be Arizona's biotechs. With no biotech hub to speak of yet, the state is an unlikely leader, but it does have its strengths. As companies continue to cut back in all areas, locals need to identify and communicate the value of maintaining jobs and facilities in Arizona, says Helsel. "My sense is that the Tucson and the greater Arizona biotech cluster is on the edge of a positive and powerful tipping point." According to Helsel, biotechs could greatly benefit from the research being conducted at the University of Arizona. The community-building that is taking place amongst Arizona's biotechs is also a draw. Not to mention the quality of life in Tucson, says Helsel, a Tucson resident.
But Arizona biotech is not without its weaknesses. Despite the "community-building," the state's biotech sector isn't as aggressive in competing for business and investment as clusters in other regions. "The lack of sizable, local sources of capital has always been a problem and weakness for Tucson biotech," Helsel said.
Of course, it may just be the "community-building" in Arizona that propels its growth. Earlier this year, Arizona finally got its first venture capital firm dedicated to early-stage bioscience companies. Some of the top names in Arizona's biotech sector pooled their funds to help spur the industry. The Translational Accelerator launched in March, with $20 million in funds for life science companies in or looking to move to Arizona. And let's not forget that with the launch of ThirdBiotech Research Group this past summer, researchers, investors and industry execs will have more opportunities for collaboration.