(WBNG Binghamton) A new study says the way to boost New York's economy and bring big jobs is through the bio-pharmaceutical industry.
State leaders are pushing the drive.
What is the bio-pharmaceutical industry? "It's medical device manufacturing, research, pharmaceuticals and prescription medicines. It's basically health sciences," said Heather Briccetti, Acting President and CEO of The Business Council.
The Public Policy Institute of the Business Council says in its new report that the bio-pharmaceutical industry can turn New York's economy around.
"Primarily life sciences jobs have a huge multiplier. For every life science job that is created, three and a half related jobs are created at the same time. In manufacturing, that number jumps up to nine jobs so it really is about job creation," said Briccetti.
But to get the jobs, New York must step up its game and take advantage of the resources already available.
The Institute issued a report in April that looks at the slow growth in the biopharmaceutical industry in New York compared to other states and countries like China and India.
The report outlines what the state needs to do to utilize this opportunity. It shows step by step how state leaders can take advantage of the scientific and economic benefits.
The Public Policy Institute study says New York needs enhance the states economic development policies and also create a more competitive tax structure to encourage the growth of this industry.
"People say to us all of the time. We lost Endicott Johnson. IBM is on its way. What is the next emerging industry? This {bio-pharmaceuticals) is one of them. It's about jobs and it's about research," said Thomas Libous (R), NYS 52nd Senate.
"We have all of the assets of an innovation-based economy. What we've been missing is an unified strategy that ties all these pieces together. These manuals are telling us to be strategic and come up with clusters. Bio-Pharm is one cluster," said Donna Lupardo (D), NYS 126th Assembly.
The study says the key is utilizing the on-going research efforts at Binghamton University and SUNY Upstate Medical's Clinical Campus.
"It makes a lot of sense to do it here and create jobs and sustain this community and other communities like these," said Dr. Rajesh Dave, Dean of SUNY Upstate Medical Center's Clinical Campus.
"Here in New York, we have a tremendous advantage. We have excellent infrastructure in the form of higher education. We have research scientists and personnel. We also have manufacturing facilities and pharmaceutical companies in the state already that we can leverage to try to grow this sector," said Briccetti.
Norwich Pharmaceuticals, Sheffield BioScience and CWS Contracting Packing Program are all biopharmaceutical companies based in Norwich.
Click here to link to the study by the Public Policy Institute on the Biopharmaceutical industry
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