Economic Development News
|A View from the Microscope - A Jones Lang LaSalle team explains how four locations are maintaining and honing their edge as magnets for life sciences investment.|
|Published Monday, June 11, 2012 7:00 am|
The East Coast Upstart:
Central and South Florida
Unlike Boston, Florida does not have a history in the life sciences industry that goes back to the Founding Fathers. Rather, the state offers a rare combination of a large aging population available for clinical trial work, combined with a commitment to business-friendly economic development. Together with other factors, these trends mean that Florida is expected to add more than 6,000 life sciences jobs in the coming years.
The role of BioFlorida, the state's bioscience industry association, cannot be underestimated. Representing companies and research centers to help promote innovation, foster collaboration and create a business-friendly ecosystem for life sciences companies, the organization has been able to drive grant funding for high-tech businesses and industry tax exemptions, quick-response training grants and Enterprise Zone sales tax credits.
At the top of that list is Israel-based generics giant Teva Pharmaceuticals. In 2006, Teva committed itself to the area with its US$7.6-billion purchase of Ivax, and in 2010 it named Ivax founder and Miami local Dr. Phillip Frost as the company's chairman.
Beyond the beachfront, the University of Miami Life Science & Technology Park (UMLSTP) master plan includes up to five buildings expected to ultimately total up to 2 million sq. ft. (185,800 sq. m.) of retail, lab and office space. Highlights include several medical device firms, multiple clinical research areas, a presence from biomedical technology companies and the Community Blood Centers of South Florida lab facility. The park will include a hotel and conference facility in addition to the research, office, clinical and retail space.
These new centers of excellence did not emerge in a vacuum. Public sector investment in the Scripps Research Institute, and particularly its Neurosciences Group and high-through-put screening center, and the nearby Max Planck Institute
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