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Pennsylvania Life Sciences Greenhouse Initiative
Pennsylvania is on the way to becoming a global superpower for the life sciences. The Pennsylvania Life Sciences Greenhouse Initiative was created through Act 77 of 2001 as part of a larger plan to ensure continued growth in Pennsylvania’s life sciences. The one-time investment of $100 million from the Tobacco Settlement into this initiative represents one of the largest technology-based economic development investments in our state’s history.
Essential Elements for Growth
The life sciences industry is widely considered to be one of the top economic drivers of the future. The 2004 Milken Institute report, “Biopharmaceutical Industry Contributions to State and U.S. Economies,” concludes that not every state or region that is trying to grow a thriving life sciences cluster will succeed, but that Pennsylvania has the essential elements. These specific elements for growth include:
- First-rate research facilities
- Biopharmaceutical firms
- Highly skilled workers
- Long-term capital
- Catalyst organizations
The Pennsylvania Life Sciences Greenhouse Initiative has established a national reputation—it is cited by the Battelle Technology Partnership as one of only two university/industry funding programs focused solely on the life sciences in the U.S., and it has become a national model for state funding of early stage risk capital in the life sciences.
Since receiving the initial $100 million allotted through the legislation—$32.8 million to Central Pennsylvania, $33.2 million to Philadelphia, and $33 million to Pittsburgh—the Greenhouses have already made an impact in fewer than 24 months of actively investing in companies.
For more information on the three regional Life Sciences Greenhouses, visit:
- Life Sciences Greenhouse of Central PA
- BioAdvance, the Biotechnology Greenhouse of Southeastern PA
- Pittsburgh Life Sciences Greenhouse
For more information, please contact us.