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Tisei: A wise investment in biotechnology By Sen. Richard Tisei GateHouse News Service Wed May 16, 2007, 12:49 PM EDT Last week's BIO International Convention offered a tantalizing glimpse of where the next wave of Massachusetts jobs may come from, if the Commonwealth works to make this vision a reality. More than 25,000 people filled the Boston Convention and Exhibition Center for the four-day convention, which brought together a diverse group of entrepreneurs, researchers and investors from around the country and the world. Among those gathered were a number of local companies and state officials eager to promote Massachusetts as a prime location for businesses specializing in biotechnology and the life sciences. Biotechnology is one of the most promising - and perhaps most misunderstood - industries. For some people, the word "biotechnology" conjures up images of genetically modified foods or scientists working on lethal strains of bacteria in a lab. But for many other people, it offers hope that research will some day yield treatments and possible cures for many life-threatening and debilitating illnesses. Michael J. Fox, a former actor who has battled Parkinson's Disease since 1991, was one of the featured speakers at last week's conference. Fox has been actively lobbying the industry and Congress since his diagnosis, calling on scientists to move more aggressively from the research stage to the development stage so that individuals with Parkinson's, ALS and other diseases can access effective treatments that will enable them to enjoy an improved quality of life. Some significant medical breakthroughs have already taken place in the industry. Consider Biogen, a company that was founded in 1978 by a group that included Harvard University Professor Walter Gilbert and MIT professor Phillip Sharp. Eleven years ago, the FDA approved its drug Avonex, which is used to treat multiple sclerosis and now generates more than $1 billion a year in sales. The biotech industry is a natural fit for Massachusetts, which is home to many world-renowned universities and teaching hospitals. However, the number of workers employed in biotech is still very small, representing only 1 percent of the state workforce. That may soon change. As the Boston Globe recently noted, state projections indicate that "the number of scientific R&D (research and development) jobs in Massachusetts will grow 26 percent between 2004 and 2014 - three times the projected rate for all jobs". The Massachusetts Biotechnology Council has also seen a 41 percent increase in membership since 2004, growing from 380 members to 538 today. Our state is now second only to California in terms of the number of biotechnology companies concentrated within our borders. What became clear at last week's conference is that many other states are eager to displace Massachusetts as a biotech leader. To prevent that from happening, we need to be aggressive in offering incentives for businesses to establish roots here, and to stop local companies from being lured away by other states. One proposal already under consideration by the Legislature would extend the Investment Tax Credit (ITC) to biotechnology companies. Another would allow for the transfer of tax credits within emerging industries. These two proposals, which make up part of the Republican Policy Conference agenda, would remove one of the most significant barriers these companies face, namely the ability to generate an infusion of capital to develop their product and get it to the marketplace. Two years ago, under the leadership of former President Robert Travaglini, the Senate developed groundbreaking legislation establishing in statute guidelines for stem cell research. This sent a strong message that Massachusetts offers a welcoming environment for companies conducting research in the area of regenerative medicine. Now Governor Deval Patrick is looking to build on this milestone. The governor used last week's BIO convention to unveil a plan to invest $1 billion in public funding in life sciences programs over the next 10 years, an investment of taxpayer dollars he hopes to leverage into an additional $250 million in private matching funds. Half of the funding earmarked for the so-called Massachusetts Life Sciences Initiative would be directed to capital funding for public higher education, while $250 million would be set aside for research grants, fellowships and workforce training. The remaining $250 million would be used for targeted tax benefits promoting job creation. Other states are pursuing similar policies. California, for example, has committed to a $3 billion bond issue for stem cell research as part of a voter-approved ballot initiative. Also, Florida has launched a $1 billion campaign to encourage research institutes to open campuses in the Sunshine State. Massachusetts should not allow other states to overtake it as a leader in biotechnology. We already have a natural built-in base that is thriving here and should be encouraged to grow even further. By promoting the life sciences, we can create jobs, attract billions of dollars in investor funding, and develop potential cures for many life-threatening illnesses. That is an investment worth making. State Sen. Richard Tisei, R-Wakefield, represents the Middlesex and Essex District. ---------------------------------------------------------------------- To sign-off Parkinsn send a message to: mailto:[log in to unmask] In the body of the message put: signoff parkinsn