With a significant number of the world’s population aging rapidly and billions of young to take care of, recent advances in science, technology, and life sciences suggest further investments will pay off big for humanity. New York State’s fiscal 2018 budget proposal includes a $300 million allotment for biotech and life sciences innovation projects. This is an initial installment on a five-year, $1.5 billion plan to bolster the state’s related research cluster.
New York, being the financial capital of the United States, has long wished for an equal standing with Silicon Valley and other tech hotbeds in the US such as nearby Boston and Philadelphia which excel in biotech and medical technology, robotics, and more. Such is the promise of biotech and life sciences over the next century that cities and states are competing for companies to locate in their areas. The state of Maryland has its own life sciences cluster, but recently has been losing companies to other states causing it to lag in research and commercialization in these areas.
New York City has just added JLABS @NYC, a 30,000 square-foot facility that will be part of the New York Genome Center (NYGC) in Soho. JLABS, an incubator, is expected to open in 2018 and support 30 life sciences startup companies at a time. Johnson & Johnson Innovation is the lead backer of the strategic venture and plans to develop more innovation centers in the US once JLAB @NYC is complete.
New York’s innovation initiative includes tax credits totaling $750 million for new and existing life sciences companies, $200 million in grants for capital projects including the creation of wet labs and innovation spaces, and $100 million for early-stage companies.
New York is taking the steps it believes will create a natural synergy in life sciences and biotechnology that will boost New York’s reputation in these areas.
The following video shows Governor Andrew Cuomo announcing the NY HEALS Initiative.