NY Needs to Do More To Keep Bioscience Jobs

June 27, 2012 Updated Jun 27, 2012 at 7:08 PM EDT

By Ed Reilly

June 27, 2012 Updated Jun 27, 2012 at 7:08 PM EDT

BUFFALO, N.Y. (WKBW) A report by the Public Policy Institute of New York says more needs to be done to attract and retain private-sector jobs in the bioscience sector.

The report was compiled by the research arm of The Business Council of New York State.

After interviewing 30 industry experts, and looking at existing research, they made the following recommendations:

-Create a Governor's Council to spearhead development and marketing of the state's bioscience industry.

-Establish a Small Business Innovation Research matching grant program for bioscience companies as well as a dedicated Biosciences Commercialization Fund.

-Increase the amount of affordable incubator and lab space for startups and early-stage bioscience companies.

The PPI report noted that the bioscience industry supports a total of 250,000 jobs - including 66,568 in the industry itself - in New York State, generating $5.3 billion in wages and $309 million in state income taxes.

The full report can be viewed by clicking on the following link: