Today, Governor Charlie Baker signed into law a bill establishing the next phase of the state’s life sciences initiative (LSI). In its final form, the law will build on the initial 10-year, $1 billion program with $473 million in new capital authorizations over the next five years and up to $300 million in tax incentives over the next 10 years. Based on experience from the last decade and studying carefully what’s next for the industry, the next phase is refined and targeted to have maximum impact for our growing and expanding industry. This bill is a major milestone for the industry’s continued success in Massachusetts, and a concrete step toward ensuring we remain the best place in the world for life sciences.
In the new LSI, the Massachusetts Life Sciences Center will focus its investments on a range of priorities, including:
- Investing in human capital for current and future workforce needs
- Ensuring everyone across the state has equal opportunity to work in the life sciences; and that diversity and opportunity become synonymous with our industry
- Providing companies with investment capital, infrastructure, and community support to grow
- Developing new scientific innovations that deliver higher outcome, lower cost therapies to patients around the world
- Leading the convergence revolution in digital health, biopharma, medical devices, and engineering
Together, this focus will ensure that the next generation LSI will spread the benefits across the state while investing in growth areas such as convergence and biomanufacturing.
Over the last 10 years, Massachusetts has gone from one of the best places in the world for life sciences to the unqualified best. This growth and success did not happen by accident, and government becoming a true partner as exemplified by the original life sciences initiative and Massachusetts Life Sciences Center’s leadership was the impetus that put us at the top. We’re thrilled this bill was signed into law today and we look forward to working with the Baker Administration, the Legislature and the Massachusetts Life Sciences Center to further support the industry and help get patients around the world the breakthrough therapies they need and deserve.