CHICAGO, April 23, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett was honored today by the Biotechnology Industry Organization (BIO) with its 2013 BIO Governor of the Year Award in recognition of his leadership and commitment to strengthening the biotechnology and public health sectors within Pennsylvania.
Corbett received the award today at the 2013 BIO International Convention in Chicago, Ill.
"This recognition from the Biotechnology Industry Organization acknowledges efforts by my administration to strengthen and further build the life sciences industry in Pennsylvania," Corbett said.
"By supporting initiatives that stimulate growth within the industry – from helping entrepreneurs quickly transform ideas into commercial products to supporting the establishment and expansion of biotech companies – we are ensuring the biotech economy will continue to grow and flourish in Pennsylvania.
"We are proud to continue to serve as a national leader of how to unlock the best of what the life sciences industry has to offer," Corbett said.
In 2011, Corbett assembled a Life Sciences Leadership Advisory Council, with representation from the Pennsylvania legislature, the administration, academia, industry and the investment community, to develop a 10-year strategic plan to strengthen the industry.
Through a series of meetings and analysis, the council identified Pennsylvania's competitive advantages and opportunities to enhance the industry's strength and to facilitate future job creation.
Corbett has since taken many of the recommendations from the council as guidance for future policies, including:
- The Corbett administration continues to fund the Research and Development Tax Credit to $55 million while preserving tradability of the credit for immediate capital for companies not yet profitable.
- The governor introduced a tax reform package that includes a phased increase of the Net Operating Loss deduction cap, a phase-down of the Corporate Net Income Tax and the continued phase out of the Capital Stock and Franchise Tax.
- The administration has also named a Life Sciences Ombudsman to help the industry navigate through the complexities of government.
Corbett also continues to support the state's private sector partners and programs that are helping to grow the life sciences in Pennsylvania. This includes the administration's Discovered in PA – Developed in PA program, which has helped local organizations establish and anchor their operations in the commonwealth and the state's three Life Sciences Greenhouses, which in the last two years alone have aided in the creation of 32 new bioscience firms. The Greenhouses have the proven success of 156 new companies formed, 3,465 jobs created and 2,227 jobs retained.
"Governor Corbett and his administration have developed and promoted some of the industry's best programs and standards, helping Pennsylvania stand tall among our nation's greatest biotech hubs," Jim Greenwood, president and chief executive officer of BIO said.
"By enhancing the business environment to support the capital intensive processes of research and development, as well as growing innovation companies facing significant start-up costs, Governor Corbett is creating an environment favorable to business and research and development. He's positioning Pennsylvania as a valued leader within the industry," Greenwood said.
"We at Pennsylvania Bio are thrilled that Governor Corbett's efforts to help build a sustainable, state-wide biotech community are being recognized by BIO," Chris Molineaux, President of Pennsylvania Bio said.
"By assembling a task force of industry, academia, trade organizations and the legislature through the Life Sciences Leadership Advisory Council, Governor Corbett has shown his long-term commitment to implementing policies that enable organizations to obtain the resources required for establishing and building a strong biotech economy,'' Molineaux said.
For more information about Governor Corbett, visit www.pa.gov.
For more information on the 2013 BIO International Convention, visit http://convention.bio.org/
Kelli Roberts; Governor's Office, 717-783-1116
SOURCE Pennsylvania Office of the Governor