Life sciences deserves continued state commitment
The growth of the life sciences industry in Massachusetts is unmistakable, and serves as an affirmation of the Bay State's stature as a center for innovation. The 10-year, $1 billion public funding commitment made by former governor Deval Patrick in 2008 set the bar high and created a sustained focus on this key industry sector.
Since taking over the corner office in January, Gov. Charlie Baker has established a goal of reining in state spending amid a fiscal year 2015 budget deficit his administration estimated at close to $750 million. The Massachusetts Life Sciences Center (MLSC), which is carrying out the Patrick initiative, is scheduled to receive up to $95 million this fiscal year for its investment fund, capital budget and tax incentives, but that's less than the $100 million-plus it was allocated in each of the last two fiscal cycles, according to the agency.
The MLSC has been without a permanent director since Susan Windham-Bannister, who led it since its inception in 2008, stepped down in June. Earlier this month, following months of little progress, the Baker administration agreed to release information about the search for her replacement in a process that has been reported as secretive.
"We have seen the life sciences really become front and center," Sen. Eileen Donoghue, a Lowell Democrat and Senate chairwoman of the Joint Committee on Economic Development and Emerging Technologies, told State House News Service. She cited the MLSC's success since its inception and said new leadership could "tweak" its goals, adding that it would continue to be a "critical component" of the state's economic development strategy.
We agree. The center has made noteworthy investments around the state, particularly in Central Massachusetts, with $90 million allocated for the Albert Sherman Center at the University of Massachusetts Medical School, $5 million for MassBiologics, also at UMass Medical, and $5.15 million for Gateway Park. The recent relocation of GE Healthcare Life Sciences' headquarters to Marlborough, which came with the addition of more than 200 jobs, has helped further elevate the region's profile as a life sciences destination.
However Baker chooses to structure the MLSC — whether to fold it into another economic development agency or keep it as a standalone entity — we hope Central Massachusetts will continue to receive its just due in the form of attention and financial resources to help the life sciences industry grow here.
In its annual report for 2014, the MLSC boasted that for every dollar of taxpayer money, it attracted more than $3 in additional, outside investment, creating about $2.3 billion in public-private investments in the life sciences industry and generating more than 3,700 jobs.
That's what public funding should do: make enough of a commitment that the private sector will follow suit and strengthen that investment. We've seen it happen in renewable energy. It should continue to happen for life sciences.
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