New Report: Commercial Life Sciences Can Be New York’s Next Big Industry
Jobs, Economic Activity Can Double with State/City/Industry Collaboration
A new report released today by the Partnership Fund for New York City finds that New York’s life sciences industry is uniquely positioned for explosive growth. The report, titled ‘New York’s Next Big Industry: Commercial Life Sciences,’ contrasts the strength of the city’s research institutions and top scientists with its relatively small number of start-up companies, venture capital investments and jobs in life sciences. It calls for public and private actions to develop the facilities and funding needed to capture the economic benefits of New York’s rich research and clinical assets. To read the full report, visit http://pfnyc.org/our-research/commercial-life-sciences/.
The report, produced with the help of KPMG, finds that New York is about equal to Massachusetts and California when it comes to research grants and discoveries, but falls far behind when it comes to business activity, venture investment and jobs. New York City currently has only 14,000 jobs in commercial life sciences, compared to over 50,000 in both Silicon Valley and Boston/Cambridge.
The following article appeared on the Wall Street Journal’s Venture Capital Pro platform:
Gormley’s Take: To Build a Biotech Hub, New York Needs to Find Talent
By Brian Gormley – June 22, 2016
New York has been creating lab space for startups in a bid to capture more biotech venture capital and emerge as a top life-sciences hub. Now it has to give biotech VCs more of what they need most: entrepreneurial talent.
Home to top drug companies and medical-research centers, New York would seem a natural breeding ground for biotech. Yet it lags behind cities in California and Massachusetts in attracting the venture dollars.
In fiscal year 2015, the state generated 6 cents in life-sciences venture financing for each dollar received in National Institutes of Health grants, according to a new report from the Partnership Fund for New York City, which invests in startups. By contrast Massachusetts and California generated $1.32 and $1.27, respectively.
Follow this link to read the full story.
Read the Fund’s report here.
“The city’s business community has been steadfast that mayoral control is the only viable way to run New York City’s schools. This end-of-session compromise is welcome news and critical for the future success of the city’s students.”
Rgenix, a cancer therapeutics company developing first-in-class drugs targeting novel cancer pathways, announced a $33 million Series B financing led by Novo A/S and Sofinnova Partners, with participation from existing investors including Partnership Fund for New York City, Alexandria Venture Investments, and Conegliano Ventures LP. The financing will support clinical development of Rgenix’s lead drug candidates, RGX-104 and RGX-202, as well as further development of its therapeutics pipeline.
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Enigma, a graduate from the FinTech Innovation Lab Program, has been named one of the 11 hottest startups in the country by Inc.
Enigma, part of the 2014 graduating class, received significant feedback from mentors at a variety of financial services institutions on its data management products as a part of the FinTech Innovation Lab Program. It has gone on to impress investors with its new product line and growth.
To read the story in full, click here.
AIG, Deutsche Bank and other members of the Partnership for New York City discuss the challenges in maintaining employee mental health
Subject matter experts discuss the use and abuse of opioids with nearly 2 million Americans abusing prescription drugs today
NEW YORK, June 6, 2016 – The National Alliance on Mental Illness of New York City (NAMI-NYC Metro) and Northeast Business Group on Health (NEBGH) co-hosted its second CEO Summit on Mental Health in the Workplace in New York City alongside the Partnership for New York City and the American Psychiatric Association Foundation’s Partnership For Workplace Mental Health. The meeting included several members of the Partnership for New York City and other top employers.
The business community is relying on the leadership of Majority Leader John Flanagan to ensure that New York City schools continue to have a rational governance system, along the lines of the mayoral control legislation that his conference was instrumental in designing in 2002. The bill that Majority Leader Flanagan introduced last night would require greater parent and community involvement in policy-making and more communication about what is happening in the schools, which are both laudable. On the other hand, his bill extends mayoral control for only one year and contains a provision that would establish an Education Inspector appointed by the Governor, confirmed by the Senate, with powers to appeal all local policy decisions to the State Education Department, which is primarily accountable to the Assembly majority. If this provision is enacted, once again we will have fractured lines of authority and accountability in management of the city schools. It is understandable that Majority Leader Flanagan and his conference are looking for some additional transparency and access to data on school performance, but hopefully they can achieve that without throwing our schools back into a divisive governance system in which nothing can get done.
“The Business Regulation Council has demonstrated that business and labor interests representing all parts of our state can work together to come up with policy and regulatory actions that enhance the economic interests of all New Yorkers. Within six weeks, members of the Council, with input from the public, were able to identify dozens of opportunities to improve the state’s business climate. We hope the recommendations of the Council to the Governor, Senate and Assembly can result in some quick wins that will benefit employers and workers alike. We will continue to work on some of the thornier issues – such as worker’s compensation, insurance, tax, and procurement – in order to carry out the full mission with which the Council was charged.”
Program Seeks Applications from Scalable, Growth-Stage Companies to Accelerate Health Technology Innovation Adoption in New York
New York, NY – The Partnership Fund for New York City (Partnership Fund) and the New York eHealth Collaborative launched their fourth annual call for applications for the New York Digital Health Accelerator (NYDHA). The five-month program works to strengthen New York’s position as a vital regional hub for the digital health technology industry. Twenty-one graduates of this highly successful program have raised nearly $230 million since leaving the program, and have created over 160 jobs in just three years. Two alums—Avado and Remedy Systems—have been acquired. The program is distinctive from other healthcare accelerator programs, offering unique exposure to top-level healthcare executives and venture capitalists while helping entrepreneurs accelerate customer acquisition and access to capital.
Over the last several years, there has been an influx of new, early stage innovative digital health companies in New York. In response to this increased activity and to the changing needs of healthcare providers, the 2016 NYDHA program will focus on scalable, growth-stage companies that are already in use with at least one provider (or in advanced discussions). NYDHA will work with participating healthcare organizations to foster more widespread adoption of selected, “best in class” technologies. The 2016 program will focus on tech companies providing solutions in patient engagement, care coordination, telehealth, population health and behavioral health. Only companies nominated by a member of the NY Digital Health network may apply this year.
Nominated Companies can submit applications through Tuesday, June 28, 2016, at https://www.f6s.com/nydigitalhealthaccelerator/apply.
“The business community endorses the focus on expanded funding for Career and Technical Education Programs by the Senate Task Force, especially with respect to the employer-led models like P-Tech and early college high schools. Today, most jobs require skills beyond those gained with a four-year high school degree. New York has piloted some of the most successful programs to deliver advanced training and work experience, but as this report suggests, they must be institutionalized in state law and scaled up in order to ensure economic opportunity for New York’s students.”