By: Erin Bryan
A new legislative proposal to provide a five-year, $500 million life sciences initiative was recently announced by Governor Charlie Baker. This initiative would extend the current 10-year, $1 billion initiative that is set to expire at the end of the next fiscal year and would continue to be managed by the Massachusetts Life Sciences Center. The proposal includes $295 million in capital authorization and up to $150 million in job-creating tax incentives.
The focus of the new initiative will be on job training and career development, with strategic priorities being to strengthen the state’s skilled workforce pipeline, expand opportunities for companies to access both private and public investment resources, develop new scientific innovations that deliver better outcome, affordable therapies to patients, and continue to lead the convergence revolution in digital health, biopharma, medical devices and engineering.
The announcement of the legislative proposal at the 2017 BIO International Convention in San Diego was well received by those in the industry, with many expressing their excitement and support for the continued investment in the Massachusetts life sciences sector. Nonetheless, this will bear continued watching, particularly in view of the significant budget gap facing the Commonwealth.
For more information, please contact Erin Bryan.
- Press Release: “Baker-Polito Administration Proposes Life Sciences Initiative,” June 19, 2017. http://www.mass.gov/governor/press-office/press-releases/fy2017/administration-proposes-life-sciences-initiative.html