New York’s $500 Million Biotech Initiative May be able Solve the Problems of it Biotech Industry

The future of New York’s biotech industry looks very promising at the moment thanks to Mayor Bill de Blasio’s administration. In the latter half of 2016 Mayor Blasio announced his plans to implement a 10 year $500 million initiative to give a boost to the city’s biotech industry. It has a good chance to hit the jackpot with its huge bet on its biotech sector. So making the sector such a priority may yield great results.

Although the city has always saw the sector as one with great untapped potential, it’s never received close to this much support in the past. As a result, New York’s life science businesses have failed to thrive despite its dedication to biomedical research, pharmaceuticals, and other areas. Members of the board include Vicki Sato, Judy Dunn, Margaret Hamburg and Lita Nelsen, among others.

Even with the new initiative and its abundance of financial power, the city has its work cut out for it. Its biotech industry is well behind other locations such as California and Massachusetts.

Mayor Blasio seems rather prepared to take on the challenge. He knows he can’t possibly do the work needed on his own therefore, he has selected a 15-member Life Sciences Advisory Council to steer the initiative. The chairs of the board include Harvard Business School professor Vicki Sato and Weill Cornell Medical College professor and Nobel Laureate Harold Varmus. Both had a hand in choosing the other board members. Overall, the advisory council is a diverse one made up of distinguished professionals in differing fields.

One of the key goals of the initiative is to stop the outflow of New York researchers because of lack of cheap lab space. This is the main obstacle that stands in the way of New York’s biotech growth.

This initiative could be just what the doctor ordered. It has the potential to make a major impact on New York’s economy as well. It is expected to create 16,000 well-paying jobs.