McKee Makes Case for $45 Million in Life Sciences Investments in FY24 Budget
Monday, February 27, 2023
Rhode Island Governor Dan McKee on Monday convened a panel of elected officials and local biotechnology leaders who highlighted the impact of the proposed investments in life sciences in the Governor’s #RIReady FY24 budget.
McKee’s budget proposal includes investing $45 million into the life sciences sector for the development of wet lab incubator spaces. Funds would also be used to support grants, loans, business development and incubation services to grow this sector.
“In my State of the State address, I said that Rhode Island was ready – and we are ready to become a leader in the life sciences industry,” said McKee. “This investment will draw in biotechnology companies from around the world. That means good-paying jobs, innovative technologies, and steady economic development. Our #RIReady budget proposal will make Rhode Island an even more attractive place to live and do business.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTBrian Britson of Amgen, Carol Malysz of RI BIO, and Justin Fallon of Bolden Therapeutics participated in the panel discussion which included Commerce RI.
“Because of our size, location, and workforce development opportunities, Rhode Island has the opportunity to be a major hub in this sector, but we can’t do it without the right infrastructure,” said Commerce Secretary Liz Tanner. “By investing in a wet lab incubator space, we put our state on the map. With the right tools in place, the economic development potential is limitless.”
“The state’s $45M investment will provide the much-needed infrastructure and resources to grow Rhode Island’s life sciences economy. Rhode Island has gained the momentum to unlock the next generation of treatments, discover new cures, and help patients take greater control of their own health,” said Malysz. “With all of our stakeholders working together, we can grow the life sciences ecosystem in RI and transform the state into a recognized leader as a life sciences innovation hub.”
“Having a state-of-the-art incubator facility in Rhode Island would be a tremendous boon to the local economy,” said Fallon. “With increasing support and focus on fostering biomedical innovation from the state, universities, and hospital systems in Rhode Island, there could be no better time than now.”
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