GrowBio NM aims to replicate in New Mexico the best practices developed by other states to build a vibrant bioscience industry.
North Carolina offers one of best examples of how a successful bioscience policy can work. It once faced economic difficulties similar to New Mexico’s, but over the course of several decades a public-private partnership made the state a world-class leader in bioscience.
North Carolina established a successful cluster of dedicated bioscience institutions, including a state-supported center that writes grants and provides service to biotech firms. This is vital for attracting bioscience businesses from other states. Access to funding, including grants and venture capital, provides bioscience companies confidence that they will be able to meet their goals.
North Carolina has also invested in infrastructure and funding for bioscience. In 1959, it established the Research Triangle Park, which hosts more than 200 companies and employs some 50,000 workers and 10,000 contractors – about half of whom work in the biosciences. North Carolina’s Biotechnology Center has a budget of $13.3 million and has invested an estimated $174 million in biotechnology infrastructure since 1984. The center also provides grants and creative services to support biotech companies, with a mission to support research, business and education.
North Carolina has also established a dedicated business loan center to promote the bioscience industry. Since 1989, NCBiotech Business Loan has provided 239 business loans to 168 companies, 95 of which are still operating.
This visionary strategy has nurtured a thriving bioscience industry in North Carolina, which has reaped tremendous economic benefits. The state’s biotech firms each year yield an estimated $70 million in state and local tax revenues.