Patrick announces $1B initiative

Massachusetts Gov. Deval Patrick Tuesday (May 8) announced a $1 billion biotech initiative to secure Massachusetts its position as a world leader in biotechnology and stem cell science.

In a speech at the BIO 2007 convention in Boston, the governor called for legislation funding a bond issue to help bridge the decline in National Institutes of Health (NIH) real-dollar funding of the life sciences, to establish a state stem cell bank, and to establish state grants for scientists and innovation centers.

“There is no place in the world with as much talent in life sciences and biotech as here in Massachusetts,” said Patrick. “Now is the time for us to invest in that talent and bring together the resources of our unparalleled research universities, teaching hospitals, and industry to work towards a common goal — to grow ideas into products to create cures and jobs.”

Harvard Provost Steven E. Hyman praised Patrick “for reaching out to all sectors of our life science cluster in order to craft a stem cell/life sciences package that recognizes the unique institutional assets and intellectual firepower in our region. The governor allocates state resources in effective ways to enhance our traditional strengths, buttress areas that need attention, and encourage powerful collaborations between our leading edge institutions.”