GrowBio NM wants to introduce to New Mexico the best practices from other states that have successfully built a vibrant bioscience industry.
North Carolina’s experience is significant, because it once faced economic difficulties similar to New Mexico’s. North Carolina established a successful cluster of dedicated institutions, including a state-supported center that writes grants and provides services to biotech firms. These agencies partnered with the private sector over several decades to make the state a world-class leader in bioscience.
Georgia implemented a state-sponsored bioscience collaboration resulting in approximately $825 million in total economic value for the state in 2012. Over the past decade, Georgia created 110,000 new bioscience jobs. Its example provides a good model for New Mexico because Georgia recognized the potential benefits of bioscience and deliberately created state-sponsored bioscience collaborations to spark growth.
Massachusetts founded a biotechnology cluster that includes more than 2,000 bioscience companies and research centers. It also includes 40 universities that offer advanced degrees in life sciences. The cluster also hosts the top five National institutions of Health-funded hospitals in the nation. Massachusetts also has tax incentives that contribute to the growth of its bioscience industry.
GrowBio NM seeks to attract capital, offer networking opportunities and help craft legislation to jump-start New Mexico’s bioscience industry. Moving forward, we will continue to study examples from other states while developing and refining an effective strategy for economic growth.