December 12, 2016 -- State of New York -- Governor Andrew M. Cuomo today announced a groundbreaking new $650 million initiative to spur the growth of a new, world-class life science research cluster in New York, as well as expand the state’s ability to commercialize this research and grow the economy. This multi-faceted initiative includes $250 million in tax incentives for new and existing life science companies, $200 million in state capital grants to support investment in wet-lab and innovation space, $100 million in investment capital for early stage life science initiatives, with an additional match of at least $100 million for operating support from private sector partnerships.

"New York is uniquely positioned to become a global powerhouse in the life science sector and this groundbreaking initiative is making the investments and establishing the programs necessary for capitalizing on our tremendous potential," Governor Cuomo said. "From providing the incentives to attract top talent and drive innovation, to providing the space that emerging life science companies need to grow, we are breaking down barriers and helping the industry gain momentum. Now, the Empire State is well-positioned to be the home of future discoveries that will move our economy forward and save lives across the world."

The Life Science sector encompasses the fields of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and includes organizations and institutions that devote the majority of their efforts to the various stages of research, development, technology transfer and commercialization. Every day, firms in this sector are developing new medical and pharmaceutical breakthroughs that have the potential to save lives, whether through new therapies or the early detection of diseases like autism and cancer. These firms are also making significant advancements in the realms of agriculture and environmental biotechnologies, helping create a cleaner and more sustainable future.
By strengthening incentives, investing in the facilities, and improving access to talent and expertise, New York will significantly increase its share of industry-funded research and development, support the commercialization of existing academic research, and usher in the next generation of advanced technologies. Beyond the advancements in science, this initiative will position New York to be a magnet for emerging manufacturing based enterprises, bolstering regional economies and creating thousands of jobs.

Business Affairs Homepage