New Mexico already has the building blocks for a thriving bioscience industry.
New Mexico’s colleges and universities produce approximately 18,000 well-trained bioscience and business-focused potential workers per year. This means we already produce an established talent pool for bioscience companies. The workforce pipeline is already functioning at the capacities needed for companies seeking to fill bioscience positions.
Lower Labor Costs
New Mexico has lower labor costs across nearly all professional occupations, meaning that the cost of doing business here is already competitive with other states. Lower labor costs overall also mean that there is room to grow wages in the bioscience sector while still remaining competitive.
Access to Capital
New Mexico’s funding landscape includes a diverse collection of grantors, seed investors, philanthropists, venture capitalists and private equity funds. Private capital investment in New Mexico has totaled $355 million over the past five years, and approximately 46 percent of that total has been invested in bioscience companies. While these figures exceed the national investment rate, there is still great demand for private capital investments. The concentration of available capital is for early-stage investment in a company’s development. More effort is required to increase access to late- and growth-stage investment capital.
Potential for Growth
New Mexico’s bioscience industries have significant potential to grow, and our economy will greatly benefit from a thriving bioscience industry. We need to continue providing the support and resources necessary to help the industry grow.