Report
2025 Annual Report: Empire State Development Life Science Initiative
Overview
The Life Science Initiative of Empire State Development (ESD) is continuing to drive both short- and long -term gains for New York State’s economy and its life science ecosystem. Investing to create and accelerate commercialization of new diagnostics , therapeutics, and other biotech advances delivers economic benefits to New York and ensures a flowing pipeline of new technology.
In This Article
This document reports on the activity of the Initiative during the Fiscal Year 24-25 (April 1, 2024 through March 31, 2025): progress updates and reports on the broad, ongoing impact of existing programs and newer programs alike, demonstrating the progress the State has made in fulfilling its potential in life science innovation.
The Big Picture
Life science has a large multiplier in New York. Since 2017, ESD has committed $381.6 million to the Initiative’s grantees and programs, which have in turn leveraged external investments and matching funds of $6.4 billion; for every State dollar invested,delivering more than $16 of additional public and private life science spending.
New York is intentional about strengthening commercialization. New York State leads the nation in R&D spend by publicly traded companies; it is now number 2 in National Institutes of Health funding ($3.55 billion in 2024, supporting 30,000 jobs and generating $8 billion in economic activity), and number 3 in bioscience – related VC investments, number of bioscience patents, and total drug development pipeline.
New York ’s workforce is building the future of the life science ecosystem. In 2024,New York was home to 3,300 life science companies and 70,000 life science jobs—increases of 43% and 15%, respectively, from a decade ago.
