Pennsylvania Governor Josh Shapiro visited Pittsburgh on Tuesday to talk about his plan for a $50 million investment in state-wide innovation.
Out of this total, $30 million is designated particularly for boosting Pennsylvania’s life sciences industry.
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“My budget will significantly boost the growth required in life sciences within Pennsylvania by providing our life science sector with a competitive advantage over those in nearby states,” Shapiro stated during an address at The Assembly, which serves as a University of Pittsburgh center for life sciences research located in Bloomfield.
Shapiro outlined three specific actions this investment would accomplish.
Initially, he mentioned it would create a coalition of top-tier universities and research centers to speed up clinical trials more cost-effectively. Second, it aims to assist these organizations in turning their findings into marketable products. Finally, Shapiro pointed out that this initiative would foster a skilled labor force specifically for the biotech industry.
Each year, an extra $20 million from the investments will be directed towards substantial innovation initiatives with the objective of enhancing Pennsylvania’s standing in research and development even more.
Shapiro pointed out that over the last five years, Pennsylvania’s biotech firms have secured more than 10,000 patents yet capture just 3% of the country’s venture capital investments.
Shapiro stated, “We aren’t leveraging the patents created by people similar to them; instead, those innovations are getting commercialized elsewhere—perhaps in Boston, the Bay Area, or some other location.” He continued, “Therefore, our focus should remain on advancing major technologies and progressions within life sciences. The strides made in artificial intelligence also play an essential role in this regard. Instead of letting the R&D efforts conducted here move elsewhere for commercial purposes, we must foster an environment where such developments can thrive locally.”
Shapiro stressed that this investment supports his administration’s overarching aim of enhancing Pennsylvania’s competitiveness and encouraged legislators to approve his suggested budget.
You can watch the full speech from the governor in the video player below:
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Governor Shapiro proposes $50 million for enhancing innovation and life sciences in Pennsylvania.
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