Issue link: https://nebusinessmedia.uberflip.com/i/1170674
2019 | DOING BUSINESS IN CONNECTICUT | 45 Planning Ahead A strategic plan for Connecticut's bioscience sector points the way to the future By Carol Latter and James Battaglio When it comes to the business of healthcare, Connecticut is a leader in many aspects, with several nationally ranked hospitals along with leading pharmaceutical, medical device, health insurance, and biomedical firms. It is also home base for the University of Connecticut and Yale, which conduct world-class health research and help foster the commercialization of health- related technologies. Now, the state is working to up its game in the bioscience sector so it can remain competitive as other states continue to grow their bioscience ecosystems at a fast clip. A strategic plan produced by a consortium of the state's major bioscience players urges the state to "enact more pro-business policies, tax regimes, and investments" to help boost the industry. "We need to recruit more companies, support the startups, develop the infrastructure, … and create more jobs." The state's bioscience sector already has a solid base that includes more than 2,500 companies, employing almost 39,000 people. Industry multipliers mean that each new job in the industry results in an additional 1.33 jobs created. Connecticut ranks fourth in the nation for bioscience patents per 1,000 people, 54% of venture capital is invested in bioscience, and 80% of all academic research and developments take place in that field. Yet in an increasingly competitive marketplace, it's critical to keep growing the industry, according to Dawn Hocevar, president and CEO of New Haven-based BioCT. Hocevar has been fielding inquiries ever since she and others crafted the strategic plan. Supporters of the multi-pronged proposal feel confident that implementation of its recommendations could create 6,000 new jobs and expand the state's bioscience industry by about 25%. Among the plan's key recommendations are developing and recruiting new companies, increasing incubator and lab space, and retaining science, technology, engineering and math graduates. "I'm proud we were able to pull in key stakeholders to put together the plan," said Hocevar. "The ongoing results have been extremely positive." Paul Pescatello is the executive director of the Connecticut Bioscience Growth Council. " " "Instead of reinventing the wheel, we're trying to connect the different entities that have similar ideas." - Dawn Hocevar, BioCT CEO & President HEALTH & BIOPHARMA SECTION SPONSOR