8 years ago
The Port of South Louisiana on the Mississippi River is a global shipping center and a cornerstone of the state’s economy. With its planned enhancements, it can only get better.
Policymakers and economic development agencies are focusing intently on the biotechnology sector as an engine for economic growth as the race to secure these companies grows more intense.
Locating in Pennsylvania gives your business the ability to easily reach six major U.S. markets. We highlight two areas of the state that deserve your consideration.
Two new incentives—one revived from the dead, the other still unborn—show promise for helping New Hampshire compete in a challenging economy.
Leaders in business and government say that caps on visas are chasing away workers who are essential to the economic development of California—and the nation.
We spoke with Mike Hickey, president of Hickey & Associates, about his experience presenting at 2007’s LiveXchange.
Since 2003, Greg Simon has been the president of FasterCures, an “action tank” that studies medical R&D processes in order to accelerate treatment and “save lives by saving time.” As chief domestic policy advisor to U.S. Vice President Al Gore from 1993 to 1997, Simon oversaw initiatives of the Human Genome Project, the National Cancer Institute, and the Food and Drug Administration. Simon has also been the CEO of a consulting firm specializing in biotechnology. BF: How would you describe the state of today’s biotech industry and where do you see it heading in the future? SIMON: The biotech industry is at the vanguard of changes in how we conduct medical research and practice medicine. But the barriers to discovery will continue to make success rare and expensive. The advent of personalized, genomic-based medicine favors the biotech industry in the long run but the investment required to realize the promise will be significant and risky and will require adoption of new funding, business, and organizational models. BF: Do you see any industry trends that may affect where biotech companies choose to locate their facilities? SIMON: We are entering an era when traditional biotech clusters near major academic centers will expand to global networks linked through dynamic systems, making physical location not as important. Modular manufacturing units will lower the costs of start-up facilities and lead to the use of more diverse locations to take advantage of differing labor and material input costs. The political aspects of global markets will make a global presence and world view more important for biotech firms. The biotech industry will need to address local and regional health needs in areas where it does research or manufacturing. This will require a real presence, not just a “facilities” presence. BF: What economic effects do biotech companies have on locations where they choose to operate? SIMON: According to the Milken Institute report “America’s Biotech and Life Science Clusters,” the 21st century biotechnology cluster race has many regional entries in the U.S. and around the world. These clusters of interrelated industries foster wealth creation in a region, principally though the export of goods and services. Because knowledge is generated, transmitted, and shared in close proximity, economic activity based on new knowledge has a high propensity to cluster in a geographic area. A region with a top biotechnology cluster will have more innovations, less of which will escape to other regions, or at least, will do so at a slower rate. Regions excel to the extent that the firms and […]
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