State needs to work harder to boost life sciences industry – report
If Washington wants to become a global leader in the life sciences sector, the state is going to have to work harder, according to a new report.
The report prepared by Washington State Department of Commerce found that, while Washington has a strong basic research sector, it lags far behind when it comes to commercializing that research and creating new companies and jobs.
The report “Fostering Washington’s Innovation Economy” was prepared in response to legislation directing the Department of Commerce to review commercialization and innovation efforts in the state’s life sciences and information and communication technology (ICT) sectors.
The report found that the challenges facing the life sciences sector were far more daunting that those facing the ICT sector, which is already well developed in Washington state.
Compared to the ICT sector, for example, Washington’s life sciences sector is relatively small, consisting of just 950 firms with 28,000 employees compared to 5,100 ICT firms with more than 125,000 workers.
Washington State Department of Commerce
Moreover, the majority of the state’s life sciences companies are small with fewer than 50 employees, the report notes, and few have products on the market.
The report concluded that a major challenge for Washington life sciences companies is finding startup funding.
For a software company, for example, capital requirements can be relatively low: often all that is needed is small team, a few computers and some office space.
Life science start ups, on the other hand, must support a highly trained staff working in expensive laboratories often for many years before a product comes to market.
Bringing a drug to market, for example, typically takes 12 years, the report notes.
There is a large pool of angel and venture capital investors in the state, the report notes, but they typically made their money in the ICT sector.
There are far fewer investors with experience in life science product development.
Among the report’s recommendations are:
- Appoint “sector leads” in the Department of Commerce who will responsible for promoting the state’s economic development of both life sciences and ICT.
- Establish a Life Sciences Advisory Council to advise the Department of Commerce’s Life Sciences sector lead that would include representatives from research and small, medium and large companies and which would make recommendations to help emerging companies attract investment.
- Develop a strategy to promote the state’s “reputation, brand and profile” in both life sciences and ICT sectors.
- Provide “targeted financial support for early stage commercialization of life sciences research.”
To learn more:
- Read the full report which is available on the Washington State Department of Commerce’s Web site: SB 6015 Report & Recommendation: Fostering Washington\’s Innovation Economy
Category: Biotechnology
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
LocalHealthGuide is a health news and information web service for Seattle and the Puget Sound Region. We are independent and unaffiliated with any hospital, medical association or insurer. If you have questions or if your group has an upcoming event that you would like us to cover, please let us know by going to our "
Add to Google
