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The Baker-Polito Administration on Monday announced a legislative proposal to bolster Massachusetts’ leadership in the life sciences sector, which would provide up to $500 million over five years for strategic investments in public infrastructure, research and development, workforce training and education, including up to $295 million in capital authorization and up to $150 million job-creating tax incentives. The funding will continue to be managed by the Massachusetts Life Sciences Center (MLSC), which is co-chaired by Administration and Finance Secretary Kristen Lepore and Housing and Economic Development Secretary Jay Ash.

“We are committed to supporting the public-private partnerships and strategic investments that have made Massachusetts a global leader in the life sciences, research, development and medical advancements,” said Governor Charlie Baker. “This proposal empowers the Commonwealth and the Massachusetts Life Sciences Center to continue that success, attracting world-class companies in innovation and technology, giving researchers the best available tools and educational environment, training our workforce and providing successful careers here in Massachusetts.”

On Wednesday, Governor Charlie Baker will address the 2017 BIO International Convention in San Diego, reinforcing the Baker-Polito Administration’s commitment to the Commonwealth’s leadership in the growing life sciences sector as companies look to expand and grow, and welcoming attendees to the 2018 BIO International Convention being hosted in Boston next June.

“Our administration has a strong commitment to increasing educational opportunities in science, technology, engineering and math for students across Massachusetts,” said Lieutenant Governor Karyn Polito. “We have a talented pipeline ready to lead and learn in the life sciences, and through this proposal, we are excited to provide more opportunities for the Commonwealth’s fastest growing industry.”

“Massachusetts is recognized as a leading global hub for life science innovation and advancement, and our financial commitment will ensure that we continue to hold on to that distinction,” said Kristen Lepore, Secretary of Administration and Finance. “These strategic investments will enhance the workforce skills and economic vitality in the Commonwealth.”

“Massachusetts’ unique combination of workforce, academic institutions, hospitals, infrastructure, and financing opportunities allowed us to develop, over the last three decades, a leading biotech cluster. The addition of the Life Sciences Initiative made us the best in the world. Today’s announcement by Governor Baker recognizes that in order to remain on top, we must continue to foster a consistent and welcoming business environment for life sciences companies to grow and move here,” said Robert K. Coughlin, President and CEO of MassBio. “For Massachusetts residents Governor Baker’s actions mean more high paying jobs in all corners of the state for years to come. For patients of the world, it means more breakthrough cures and treatments will reach them faster. I applaud the Baker Administration for their vision and commitment to economic growth and patients.”

Continue reading at mass.gov.

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