How should Georgia boost biotech?
How do we build up our biotech industry? It should be a more powerful job creator here, given all of our universities, medical operations and the CDC.
Last May, the state spent nearly $2 million hosting biotech’s biggest annual convention at the Georgia World Congress Center. Billed as the debutante ball for the state’s life science industry, Georgia leaders vowed to recoup their investment in the 2009 Bio International Convention, AJC reporter Dan Chapman writes.
It appears they did, Chapman concludes.
A week ago, a Texas blood-testing center announced it would spend $12 million and hire 125 scientists, technicians and support staff for a laboratory in Norcross.
In all, Chapman writes, state economic development officials tallied tens of millions of dollars in investments and hundreds of new jobs in the pharmaceutical, medical device and bio-energy industries over the last fiscal year.
But Georgia still has a long way to go to match North Carolina and Florida, let alone California and Massachusetts. Those states dwarf Georgia in the amount of biotech investment., Chapman writes.
One impediment has been the lack of capital here. The General Assembly has been unwilling to let a small portion of the state’s $50 billion pension fund be used for venture capital. Virtually every other state allows it, Chapman writes.
Some hold out hope the General Assembly this year will pass, as part of a job-creation bill, a new round of tax credits for so-called “angel” investors to encourage early-stage investments.
What should officials do to push biotech harder?
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6 comments Add your comment
TnGelding
March 4th, 2010
7:32 am
Improve our K-12 education system. We simply have to produce a better educated workforce. We also need to instill a work ethic in our youngsters. Hard work, not leisure, is the most rewarding thing you can do. Improving the transportation system is also vital. I don’t think this is the time to be considering investing pension funds in risky schemes. Maybe in another year or two. We also need to put us old codgers back on the tax rolls to lessen the burden on businesses and young folks. Electing young, articulate, business savvy officials to plead our case wouldn’t hurt. Georgia has certainly been good to us.
James W.
March 4th, 2010
10:48 am
Get the backward thinking Georgia Lesgislators out of office. They are destroying this state’s economy and tax base with their backward anti- progressive altitude toward everything whether its transportation, or anything Atlanta There is a reason why this state has one of the highest unemployment rates in the country right now.
youtellm
March 4th, 2010
11:11 am
These old 70, and 80 plus year old legislators need to step aside and let the young talent that has been hamstrung by old ways and ancient ideas do their thing. Period
youtellm
March 4th, 2010
11:12 am
Especially the one who don’t know how to do email.
Richard
March 4th, 2010
11:28 am
The collapse of the education system with the projected 5,000 staff cutbacks in higher education, increased class size and fewer options will continue to decimate this state ( as well as the 30 others having education rallies nationwide today.) We have now reached the education crisis forecast and what will our inept leaders now decide?
To allocate more $ to Afghanistan? to pay more $ to Fannie Me, To give billions for additional industry bailouts and to escalate the multi trillion $ deficit? I learned in Economics many years ago the gun/ butter concept. We can not have it both ways and decisions made in 2010 will make or break this country as we know it.
RG
March 5th, 2010
9:26 am
This state is run by a bunch of idiots. There is no accountability!
Fulton County Schools is getting ready to dismiss hundreds of teachers and get rid of several enrichment programs. All of the teachers axed will be young energetic teachers since reductions will be based years in your current contract with the county. There could be sevral lousy teachers at a school and they have to get rid of the best teachers. Prinicpals (bosses) have no say. Compound that with the fact that every class will be at max size with no assistants (firing those) and each class will have several special needs, autism spectrum, behavior problem kids, there is no way possible that even the best teacher can teach their class effectively. I look for test scores, graduation rates, etc. to plummet by the time these elementary kids get older. Parents are going to need to take care of most of their child’s eductation at home. Sad state of affairs.
This Biotech cluster at Ft. McPherson is the dumbest thing I have heard. We already have the CDC which is growing to the size of NIH, Emory, GA Tech, UGA, American Cancer Society, etc. and Biotech has not grown in GA. Who knows what will happen to all of the Solvay employees. GA is not addressing the real issues with getting biotech off the ground here.