The U.S. Biosciences Industry: Best Practices in Innovation, Partnerships, and Job Creation
Biotechnology Innovation Organization (BIO), in partnership with the Council of State Bioscience Associations (CSBA), released a new report on the best practices in state bioscience economic development measures. The report, now in its seventh edition, analyzes the latest legislative and regulatory economic development initiatives at the state and regional level that help support the bioscience sector. The report reviews public policy initiatives in all 50 states and spotlights noteworthy programs that enhance the future of the bioscience industry. In addition to several specific state policy examples, the report identified four national trends that helped retain and grow the bioscience sector at the state level in 2023.
The report reviews public policy initiatives in all 50 states and spotlights noteworthy programs that enhance the future of the bioscience industry. In addition to several specific state policy examples, the report identified four national trends that helped retain and grow the bioscience sector at the state level in 2023:
- Building career pathways for future biosciences talent is crucial.
- States and regions are addressing their regulatory climate to ensure predictable and stable regulatory treatment of biosciences firms.
- Utilization of innovative technology-based economic development tax support strategies is on the rise.
- Universities and research centers continue to be strong partners in pre-commercialization research and technology transfer.
The full report is available at bio.org/bestpractices. |
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The Impact of IRA Policy Expansion Proposals on the US Biopharma Ecosystem – The Executive Summary:
- Vital Transformation (VT) modeled the impacts of the drug pricing provisions of President Biden’s 2024 Budget, now proposed by Senator Baldwin as the “Smart Prices Act (SPA)”, which would impose government price setting for selected Medicare drugs at only 5 years after initial FDA approval.
- We modeled the impacts on industry revenues and future R&D investments and estimated future lost innovation impacts including the impact on industry jobs.
- We estimate a loss of between 146,000 – 223,000 direct biopharmaceutical industry jobs and a total of 730,000 – 1,100,000 U.S. jobs across the economy if the proposed IRA expansion were to be implemented.
- Looking forward, we estimate that the expanded government price setting could result in roughly 230 fewer FDA approvals of new medicines over a ten-year period, once the impacts are fully reflected in the pipeline.
- Impacts will be felt most heavily in many areas of unmet need, including in rare disease, oncology, neurology, and infectious disease.
- The most significant ecosystem impacts would be concentrated primarily in CA, MA, and NY.
- Had the drug pricing provisions of the SPA been in place prior to the development of today’s top-selling medicines, we estimate that 82 of the 121 therapies we identified as selected for price setting would likely have not been developed.
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University Center Mentor Stacy Sacco Named Volunteer of the Month from the City of Albuquerque
Stacy Sacco was recently named Volunteer of the Month from the City of Albuquerque by Mayor Tim Keller. This monthly series showcases people who are making big impacts on the city and positively impacting the people within it.
“Stacy is a conduit in our community; connecting individuals via his network of contacts and resources and making great efforts to support the people he meets,” said Lisa Kuuttila, CEO & Chief Economic Development Officer of UNM Rainforest Innovations. “This recognition is well deserved, and we are grateful for all his work with UNM Rainforest Innovations and our Rainforest University Center program.”
Stacy serves as a Rainforest University Center mentor, providing support and training to start-up entrepreneurs and small business owners. Over the years he has hosted regular office hours to meet with students and provide support. For the past 20 years, Stacy has taught entrepreneurial studies at the UNM Anderson School of Management and served as the Director of the UNM Small Business Institute. Currently, he is the President of Sacco Connections, a management consulting firm, and hosts a free, informational website, with 3,000+ links to local jobs, events, and resources: https://www.nmnetlinks.com/
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Attend Upcoming Open Office Hours with Stacy Sacco
Join Stacy Sacco to discuss your startup or idea and gain valuable resources.
For the past 20 years, Mr. Sacco has taught entrepreneurial studies at the UNM Anderson School of Management and served as the Director of the UNM Small Business Institute. He currently is the President of Sacco Connections, a management consulting firm, and hosts a free, informational website, with 3,000+ links to local jobs, events and resources.
Mr. Sacco will be available for one-on-one mentoring where he will give guidance, coaching and perspective to enhance entrepreneurship and provide connections to resources at UNM and in the community. There are many resources available to those who have ideas that they may want to turn into a business! |
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PSC Biotech® consultants act as a seamless extension of your company to assist you in producing the highest quality products. Specializing in quality and validation, PSC Biotech® offers services in Commissioning, Qualification and Validation (CQV) Planning, Document Generation and Execution Support, Computer System Validation and Assurance, and IT Infrastructure support, Regulatory Affairs, Quality Assurance, Audits and Gap Analysis, Calibration, Engineering, and Project Management. Contact PSC Biotech® now for tailored and cost-efficient project assistance. For more information on PSC and 16 other BIO Business Solutions national service providers click here: https://www.bio.org/save/new-mexico-biotechnology-biomedical-association-nmbio
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