Massachusetts' Deval Patrick isn't the only governor pushing biotech investment this week. In a speech at the Johns Hopkins School of Medicine yesterday, Maryland Governor Martin O'Malley announced plans to invest $1.1 billion in the state's bioscience industry by the year 2020. Maryland already has a sizable biotech sector with 370 companies calling the state home, as well as the NIH and other research institutions. However, many Maryland-based outfits haven't been successful getting blockbuster meds onto the market. O'Malley thinks the investment will bolster the state's activities and shore up its position as one of the leading centers for biotech business.
The details of the plan are as follows:
- Maryland will double its biotech investment tax credit next year and again in the next five years
- $20M will be funneled into stem cell research
- $60 million would go to funding biotech start-ups
- $300 million would be invested into life science facilities
- O'Malley wants to create a Maryland Biotechnology Center to bridge the gap between research and the marketplace
- $188 million would be invested in nanotechnology
- The Maryland Technology Transfer Fund would receive $107 million
- Finally, the Maryland Venture fund would get an additional $152 million
Several years ago Maryland made FierceBiotech's list of the top five regions targeting economic development.
- read the Washington Post article for more