Patrick unveils details of biotech plan
(David L. Ryan/Globe Staff)
Nobel prize winner Craig Mello addresses the Legislature today during a special joint session on biotechnology, as House Speaker Salvatore F. DiMasi and Governor Deval Patrick applaud. Patrick unveiled details of a $1 billion biotech initiative today.
By April Simpson, Globe Staff
Governor Deval Patrick today unveiled details of his plan to invest $1 billion in biotechnology over the next 10 years, introducing legislation that calls for $500 million in bonding for capital projects, a $15 million fund for research grants and loans, and restructuring of the board that oversees the distribution of grants.
The legislation, which Patrick is highlighting in an address to a joint session of the Legislature today, would also create a new investment program that would allow life science businesses to become eligible to receive tax benefits.
“The whole world wants what we’ve got,” Patrick said at an appearance before the legislative session. “This is no time to rest on our laurels. Starting today with this legislation Massachusetts gets back into the competitive game. And we play to win.”
Patrick appeared with Craig Mello, a University of Massachusetts professor who shared a Nobel Prize in medicine last year and who is being honored by the Legislature today.
The bonding portion of the bill would be used to create the Massachusetts stem cell bank, the “largest repository of stem cells in the world,” and a research center to support Mello’s work in the field of "RNA interference," which has advanced research into diseases such as Alzheimer's and HIV.
“These two facilities will be recognized around the world as symbols of Massachusetts excellence,” Patrick said.
Patrick said he expected the stem cell bank to be at UMass-Worcester, and that universities with stem cell lines, such as Harvard and MIT, have offered to contribute those lines.
The expansion of tax credits for life sciences companies, Patrick said, will allow the state “to compete for each available job in this sector and send a clear message that Massachusetts is open for business, and we will hold our private sector partners accountable for commitments that they make.”
Patrick said he hoped for a prompt passage since the bill is consistent with the plan set out by leadership at the biotech conference earlier this year.
