Thursday, April 7, 2011

New York City Readies for Biotech Industry

Being an international city, New York City is always abreast with developments in the different fields of science. In fact, it is home to some of the world's leading academic and scientific research institutions, medical institutions, pharmaceutical and commercial bioscience companies and parks. Among the many regions in the U.S., it also has the biggest bioscience workforce.

Bioscience technology or biotech for short refers to the research or study of living organisms and bioprocesses such as in technology, medicine and engineering among others. Today, its applications include the four major industries - health care, agriculture and crop production, non food uses of products and crops such as biodegradable plastic and biofuel and environment.


In the U.S., the biotech industry has been experiencing rapid growth. The major players are companies involved in the research and creation of new medicines and vaccines using plant and animal genes. Medicines produced by these businesses have been found to be effective in treating serious health conditions that were not curable in the past such as cancer, Alzheimer's disease and multiple sclerosis among others. Currently, New York City is one of the major recipients of the National Institute of Health funds meant for medical research.

New York City Readies for Biotech Industry

The latest development is the construction of multi-million dollar bioscience complexes in the city specifically commercial laboratory space. Some of them can be found in the Lower Manhattan area while the others are in Sunset Park and near the Fifth Avenue. The aim is to attract more companies to set up shop in New York City in the coming years.

The downtown area particularly near the World Trade Center site is also considered to be ideal as a biotech center. This plan is expected to cost around million.

The head of the city's Economic Development Corporation, however, pointed out that commercial laboratory complexes near the academic medical institutions stand to benefit more due to the greater possibility of luring bioscience companies that they help generate every year. Target businesses include those engaged in the research of cancer and neurosciences, dental research and pharmaceutical firms.

These newly constructed laboratory buildings are said to provide a more comfortable atmosphere suitable for research work. With more space and lighting plus a great view, workers will be encouraged to perform their tasks better.

Officials of New York City are also determined to improve their area's biotech industry and lure more companies. In 2009, they even proposed to offer valuable tax breaks in the amount of million each year to attract biotech companies.

When businesses in the biotech industry start to put up offices in New York City, this will not only help pump up the city's revenues but will provide thousands of jobs as well. With the support of the city and state officials, the plan of making New York City as a biotech center in the future is not impossible to achieve. While success may not be gained right away, economic development experts believe the biotechnology sector is one area of growth that shows a lot of potential.

New York City Readies for Biotech IndustryMinecraft - "Shadow of Israphel" Part 9: The Abandoned Mine Video Clips. Duration : 12.17 Mins.

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