Bolstering Biotechnology in New York State: FY27 Budget
Overview
Governor Hochul announced bold steps to build a brighter future for New York by fueling innovation and creating good-paying jobs as part of New York states FY27 Budget. Since taking office, the Governor has ushered in a new era of economic growth by prioritizing job creation, community development and economic revitalization. From investing in innovative technologies to supporting small businesses, this forward-thinking strategy is shaping a resilient and inclusive economy that sets New York up to compete in technological advancement on the global scale for generations to come.
New York’s biotechnology and life sciences industry is an engine of economic growth. Research and development in biotech not only advances the public good, measured in groundbreaking advancements to cure disease, but also generates new high-paying jobs while opening pathways for entrepreneurs and startups. Building off the Governor’s strategic investments in life sciences, including the creation of Cell and Gene Therapy Innovation Hubs on Long Island and in Western New York and the Biodefense Commercialization Fund to find new treatments for infectious diseases, Governor Hochul is launching a renewed investment to make New York the epicenter of life sciences innovation.
In This Article
The Governor’s $65 million Bolstering Biotech Initiative will support all phases of the life science sector pipeline, from discovery to commercialization, cementing New York’s position at the forefront of biotech innovation.
These investments will accelerate the commercialization of life-changing therapeutics — with a focus on neurodegenerative disease — and catalyze private investment in biotechnology research and development through the following programs:
Venture Capital Investments: Leveraging public and private venture investment to support promising startups with the potential to mature into the next generation of industry leaders
Fellowships and Workforce Development: Seeding new skills-training programs designed to equip New Yorkers with the necessary skills to fill high-demand roles from production to c-suite in the biotech field, opening pathways to high-paying jobs for New Yorkers
Commercialization Grant Program: Creating a new, performance-based grant program modeled on the State’s successful Biodefense Commercialization Program to support companies in bringing biotech innovations to market in targeted areas such as neurodegenerative diseases
Statewide Clinical Trial Consortium: Establishing a statewide clinical trial consortium to leverage the combined strengths of New York’s research institutions to expand access to cutting-edge therapies and position the state as a premier destination for medical innovation
The Big Picture
Together, these strategic investments will strengthen every step of the life science value chain, from initial research and development, to startup growth and workforce training, to large-scale industry attraction, to fostering collaboration amongst medical schools and industry leaders. Through the Governor’s Bolstering Biotech Initiative, New York will accelerate innovation, scale promising companies, attract private capital, create good jobs, and build a skilled workforce to lead in biotech nationally and around the world.
