Bay Bio joins business leaders to promote research, innovation and development in California

BayBio, Northern California’s life sciences association, joins business leaders at the State Capital to promote innovation, research and development as a cost-effective building block to the Golden State’s economic future. The coalition calls on policymakers to make a concerted effort to develop a manufacturing policy to capture the potential the life sciences offers to California workers.

“We need California to get its priorities right,” said Matt Gardner, president and CEO of BayBio. “Promoting investment in the innovation economy is rightfully a main concern, but we ignore the fruits of that research by letting small, growing companies expand in neighboring states with favorable economic development strategies. This does an enormous disservice to the fiscal health of the state and job opportunities for Californians.”

California companies are responsible for 1,200 approved treatments and another 210 that are on track to be in the hands of patients in the next five to 10 years. In total, there are 738 treatments, diagnostics and technologies that could reach patients within 15 years.

Already, companies are determining where to manufacture this influx of new therapies. California’s life sciences industry will invest $50 billion to develop these 210 new treatments. BayBio is working with other business leaders to promote the Agenda for Economic Recovery to capture this incredible investment.

Proposed action items to capture the $50 billion investment in California:

• Create an economic development plan to retain and attract new companies.
• Establish a process to analyze and report on the economic impact of legislation, regulation and administrative decision making in order to identify impact on job creation.
• Improve the state’s economic environment, restore its competitive position and facilitate high-wage job creation.
• Enact a statewide strategy for math and science teacher attraction and retention.
• Incentivize local communities to zone biotech regions in their local general plan master planning.

“Our economic challenges are dire and urgent,” said Gardner. “Legislators should spend the final weeks of this legislative session acting in the best interests of California’s workers and communities by asking themselves ‘How will this bill impact job creation, innovation, and entrepreneurship in my district and throughout the state?’ Local leaders and experts can play a vital role in helping legislators answer that question.”