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![]() Sunday, April 06, 2003 Here's an article outlining the efforts of many states to pursue bioscience development. It's a tricky business with long lead times, but if your region has researchers producing good science, it makes sense to pursue business development. The challenge is to define the appropriate level and pattern of bioscience investment, given your other economic development options. Unfortunately, article misses this point. Indeed, this article is a good example of bad economic development journalism. It implies that bioscience development is some kind of zero sum game...which it is not. Indeed, bioscience development -- as well as other technology development -- opens the door to new global alliances that can (over time) remake a region's economic landscape. These investments are not the same as the incentive wars over the next auto assembly plant. Keep in mind that medical research touches every state and creates a wide range of economic development options. The National Institutes of Health is funding over 34,000 research projects nationwide with an investment of $12.6 billion. Furthermore, in 2002, NIH funded 1,893 Small Business Innovation Research (SBIR) and Small Business Technology Transfer Research (STTR) awards. The total investment in these early stage business projects was about $500 million. Why is it so surprising that bioscience research is such an important economic development priority? posted by Ed Morrison | |
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