Mayor De Blasio unveiled a $500 million LifeSciNYC initiative to generate job growth in biotech sector
New York City Mayor Bill de Blasio has selected a 15-member Life Sciences Advisory Council in an effort to spear head 10-year, $500 million LifeSci NYC initiative. The goal is to create 16,000 well-paying jobs within the industry.
The Life Sciences Advisory Council will consist of Vicki Sato, professor of management practice at Harvard Business School, Harold Varmus, Nobel laureate and professor at Weill Cornell Medical College, Judy Dunn, global head of clinical development and head of the Innovation Center at Roche, Tony Evnin, partner at Venrock, Kevin Gardner, director of the Structural Biology Initiative at the CUNY Advanced Science Research Center, Dr. Margaret Hamburg, foreign secretary of the National Academies of Science, Engineering & Medicine, David Hirsh, chairman of the New York Structural Biology Center and professor at Columbia University, Rick Lifton, president of the Rockefeller University, Lita Nelsen, former head of the MIT Technology Licensing Office, Dr. Claire Pomeroy, president and CEO of the Albert and Mary Lasker Foundation, Mary Tanner, senior managing director at Evolution Life Science Partners, Nancy Thornberry, CEO of Kallyope, Fred Wilson, partner, Union Square Ventures and George Yancopoulous, founder and chief scientific officer at Regeneron Pharmaceuticals. James Patchett, president of the city Economic Development Corp. told Crains that the city sought to attract a variety of talents from academia, commercial research, finance and philanthropy.
“Our biggest priority was making sure that we had key players who knew what this ecosystem needed,” Patchett added.
Through the LifeSci NYC program, the de Blasio administration will provide $300 million in tax incentives in an effort to support the construction of the commercial lab space. The government will also support the building of a commercial lab space and invest an additional $100 million in an Applied Life Sciences Campus that will serve as a hub for the city’s biotech industry. Patchett said that potential locations for the campus will include Manhattan’s East Side, Roosevelt Island or Long Island.
Patchett added that the campus “needs to be located I proximity to the major academic institutions that exist on the East Side.”
The principal goal of the city’s initiative will be to stop the outflow of New York researchers who decide to build their companies outside of the city. The project will introduce new and affordable lab space made available to companies in the biotech sector
.By: Svetlana Rusikaya
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