MedTech Association Comments on Governor Cuomo’s $650M Life Sciences Initiative

Tuesday, December 13, 2016

Jessica Crawford, president of MedTech Association, a membership-based trade association for the bioscience and medical technology (Bio/Med) industry in New York State, issued the following statement on Governor Cuomo’s groundbreaking $650 million initiative to spur the growth of a new, world-class life science research cluster in New York.

“We are truly grateful for Governor Cuomo’s bold and comprehensive life sciences initiative which will leverage New York’s existing assets both academically and in the private sector to position New York as a leader in the life sciences industry.  MedTech has long advocated for a targeted and comprehensive life sciences initiative, including a refundable research and development tax credit, workforce development initiatives and support for life science academic positions. Governor Cuomo’s proposal holds great promise for the expansion of the life sciences industry in New York.”

“New York is among the top tier of states in the size of its bioscience industry and the scale and reach of its bioscience research, employing nearly 75,000 in the biosciences. Governor Cuomo’s $650 million initiative will continue to support the growth of research and development in the region and leverage a more innovative stance for the State, enabling New York to be truly competitive in our global industry.”

This innovative initiative will include $100 million in investment capital for early stage life science initiatives, with an additional match of at least $100 million for operating support from private sector partnerships, $250 million in tax incentives for new and existing life science companies and $200 million in state capital grants to support investment in wet-lab and innovation space.  Additional information on the initiative will be announced as part of the Governor’s 2017 State of the State and as the Executive Budget is released.

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