In December 2017, Iowa Governor Kim Reynolds, Lieutenant Governor Adam Gregg and representatives from the Iowa Economic Development Authority (IEDA) and Iowa Innovation Council (IIC) released an economic development roadmap for Iowa’s bioscience industry. This is the state’s third bioscience report, and it has identified a lot of progress in the state in the bioscience area.
According to the report, Iowa’s employment in bioscience is 35% higher than the national average and the industry’s average wage of $67,673 is 61% greater than the average private sector wage.
The report also identifies four platforms as the future of Iowa’s bioscience development: biobased chemicals; precision and digital agriculture; vaccines and immunotherapeutics; and medical devices.
The report signals a large opportunity for Iowa through bioscience and a significant pay-off in economic development. Advancing Iowa with bioscience will take time and requires many resources and sustained commitment. In order to accomplish this, there are many cross-cutting strategies for Iowa to implement that are relevant to bioscience development. The strategies are:
- Establish a public/private Iowa bioscience development center
- Increase capital available for investment in Iowa bioscience companies
- Ensure continued legislative support for existing innovation ecosystem development programs
- Improve connectivity and collaboration opportunities between key stakeholders in each of the focused bioscience development platforms
Through biosciences in Iowa, the state can build its reputation in the global bioscience-based economy and construct high-growth, technology-based sectors for Iowa’s economy.
IICorp helps startup bioscience companies move toward commercialization, offering access to funding resources, mentors, and training. If you’re interested in learning more about Iowa’s Economic Development Roadmap, check out the Iowa Bioscience Development’s executive summary.