Bio in Arizona Joe Caspermeyer Laura Gladney PAF 591 Policy Briefing April 1, 2003.

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Presentation transcript:

Bio in Arizona Joe Caspermeyer Laura Gladney PAF 591 Policy Briefing April 1, 2003

Bio in Arizona Just as semiconductors, computers and the Internet have ushered in an information revolution, advances in healthcare technology are creating sea change of perhaps even higher magnitude. No doubt wealth will be created. But more importantly, the rewards from years of investment and work in genomics, drug discovery and other medical technologies may be steady progress again disease and a major transformation of the human condition.” Alfred Berkeley, President, the Nasdaq Stock Market, Inc.

Bio in Arizona Impact of Bio in Arizona Policy Recommendations for: Public and Private Sector Issues Workforce Development

Impact of Bio in Arizona Economic Impact Investment benefits: new firms, jobs, income Diversity brings economic stability High-paying jobs Technology development Research Impact Federal Funding – NIH & NSF Revenue Return

Requirements for Growth Research Excellence Research universities, private institutes and labs Economic Investment Private and public Talent Recruitment and workforce development

Strengths of Bio in Arizona Small but diversified Bio Industry History of collaborative university research Bio Industry wages are 77% above average industry wage High educational attainment of bio industry workers Geographically distributed industry – growing faster outside Metro area Many companies are involved in more than one sector

Challenges to Bio in Arizona Limited state funding of higher education University research growth behind national average Tech infrastructure in need of improvement Current state fiscal policy and tax base limits growth Difficulty in attracting, retaining and developing bioscience firms

Arizona Policy Recommendations Increase education funding University research development K-12 long-term benefit to workforce development Develop incubator space for start-up venture capital firms Support current legislation HB 2403 Technology-transfer bill HB 2408 University research facility funding

Arizona Policy Recommendations Attract, retain and develop a true bio industry cluster. Build on success of TGen to build strong entrepreneurial business climate Create state seed fund for bio tech angel and venture capital Enhance Governor's Council on Innovation and Technology

Bio in Arizona Questions?