Governor Dannel P. Malloy today proposed the Bioscience Innovation Act which, over ten years, will establish a $200 million fund to strengthen Connecticut's bioscience sector. Joined by Lieutenant Governor Nancy Wyman, Dr. Edison Liu, President and CEO of Jackson Lab, and state and local officials, the Governor made the announcement at the Farmington groundbreaking ceremony for the Jackson Laboratory for Genomic Medicine (JAX).
"Eighteen months after proposing the Jackson Lab project, we already have construction crews at work, JAX has hired staff, and we are breaking ground on a cutting-edge scientific facility that will establish innovative new partnerships with our universities, medical centers, and state businesses," said Governor Malloy. "Building on this momentum, I am proposing the Bioscience Innovation Act -- a $200 million investment made over ten years that will ramp up our bioscience industry statewide, allow us to attract and invest in more companies in this sector and create good paying jobs with good benefits for our residents. Our strategic support of JAX, the UConn Health Center, Alexion, and through the Innovation Ecosystem will make us a leader in this rapidly growing field."
JAX Genomic Medicine, once fully developed over 20 years, is expected to support 6,800 permanent jobs. The total 20-year capital and research budget for the institute is projected to be $1.1 billion, of which the state has approved $291 million. JAX will raise the balance of $860 million through federal research grants, philanthropy and service income.
"This is a great day for the Jackson Laboratory and for the State of Connecticut," said Dr. Liu. "We are honored by the trust that you have placed in us. We will make you proud."
The Bioscience Innovation Act will support the state's growing bioscience sector, strengthen our capacity to create competitive investment tools, attract additional federal and private dollars, and re-energize Connecticut's bioscience industry. It will be administered by Connecticut Innovations, the state quasi-public economic development entity.
Highlights of Gov. Malloy's proposal include:
$200 million investment over 10 years
$10 million annually years 1 and 2
$15 million annually years 3 and 4
25 million annually years 5 through 10
Funding will fill gaps in the marketplace, not duplicate current public funding
Investments will be subject to a rigorous vetting process
Creation of Advisory Board to provide oversight and strategic guidance
"Ongoing investment in bioscience will result in high-value job growth," said Claire Leonardi, Executive Director of Connecticut Innovations. "This plan ensures we continue to build a strong base in the short term, and in the long term it allows us to leverage additional investment to increase overall economic growth."
The Bioscience Innovation Act is part of the Governor's legislative package which will be announced February 6.