Yesterday, the legislature held a hearing on Governor Patrick’s Massachusetts Life Sciences Initiative.
We support the goals of this initiative. We believe that by enacting a package of capital and investment funds, tax incentives, and workforce training initiatives, Massachusetts can grow its leadership in this critical industry cluster, drive advancements in cutting-edge fields of research, and retain more of the bright young researchers graduating from our colleges and universities.
Greater Boston’s economic engine and job market is driven by the traditional leading industries of financial services, higher education and the visitor industry, and cutting-edge industries of high technology and life sciences. We must continue to implement comprehensive strategies and reforms in order to leverage our strength in each of these core industries, lower barriers to hiring and expansion, and place Massachusetts on the path to meeting and surpassing its historical jobs peak.
In recent years, the state demonstrated the foresight and sound judgment to enact targeted initiatives and reforms designed to build upon our region’s core strengths, including the life sciences. From streamlined regulations governing commercial permitting and stem cell research to enhanced industry tax credits and STEM training, our elected officials have shown a clear understanding of the need for state action in the face of growing domestic and global competition for life sciences jobs, facilities and investment dollars.
Despite this progress, it has become clear that a comprehensive, long-term commitment from the state will be necessary in order to realize the full potential of our burgeoning life sciences cluster. We think the following areas are worth focusing on:
- Promoting collaboration and advancements in cutting-edge research fields;
- Enacting tax incentives and capital funding programs that encourage life science job growth and site expansion in the state;
- Expanding gap financing from discovery to commercialization; and
- Strengthening the state’s world-class talent pool.
Enactment of these, and other proposals to come, will send an important signal that Massachusetts is prepared to aggressively compete to sustain and grow this cluster for years to come.
Greater Boston remains home to a life sciences cluster that is the envy of much of the world due to its concentration of intellectual and venture capital, medical and higher educational institutions, and existing research infrastructure. This cluster continues to be a vitally important economic engine, providing thousands of high-paying jobs and offering the promise of thousands more to come as new companies emerge and existing companies mature. However, we know that past performance does not assure future success. Massachusetts has a unique opportunity enact a plan that will foster the growth of this world-renowned cluster and directly counter the actions by states and countries seeking to entice our cutting-edge companies and talented researchers to relocate.
We look forward to working with legislative leadership in the coming weeks and months to achieve a public-private roadmap for the success and growth of this and other leading industries essential to our economic future.
