Bioscience Conference

Last month, the Minnesota Partnership hosted a conference on Minnesota's future in the biosciences industry. At the conference, the latest research that clearly shows that the door is still open for Minnesota to advance in this emerging field.

• See the presentation

The research, conducted by an economic impact research firm that has tracked bioscience development potential for companies, industries, states and countries around the world offered insight into Minnesota's position in the biosciences - our strengths, challenges and opportunities. A panel of Minnesotans operating bio-businesses in the state demonstrated the economic and job-creation benefits the state's already receiving from the industry. Participants also received an update on the work of the Mayo Clinic-University of Minnesota bioscience partnership, which in just three years has become a nationally recognized model of collaboration for advancing medical research.

• See the Partnership Update Presentation

The presentations informed a high-quality discussion among legislators, administration officials and bioscience leaders on Minnesota's future in the industry. Overall, it was clear that participants would like to see Minnesota advance its position in the biosciences. Specifically, several key conclusions emerged.

First, the economic potential in this industry is huge, which is why more than 40 states are investing significant resources into bio-development. The biosciences take longer to develop than other industries but if we recognize the long-term payoff, investment in the field has tremendous potential to stimulate Minnesota's economy for years to come.

Second, Minnesota is "in the game." Many states are starting with few assets while Minnesota already has a solid foundation on which to build. We are a leader in medical devices, the partnership between the state's two leading research institutions - the University of Minnesota and Mayo Clinic - is exceeding expectations, and Minnesota is actively involved in developing high-demand bio-renewable energy.

Third, success in this highly competitive industry demands that states focus on its strengths. No state will be a leader in every bio-category so it's important to recognize and invest in Minnesota's established strengths. As home to Mayo Clinic and the University of Minnesota, Minnesota's role in biomedical sciences is the engine driving future development.

Fourth, advancing Minnesota's position in the biosciences requires a long-term commitment. The investment in the Mayo-University partnership shows how such investments can be leveraged to yield ongoing benefits. A recently completed analysis showed that state investment in the partnership has leveraged an additional $25 million in federal (including two NIH grants), philanthropic and corporate support. That represents a 1:1.3 leverage on the $19 million allocated in the partnership so far. The partnership has also produced at 10 times the national average on patent to research expenditures. State investment is driving research advancements on Alzheimer's, prostate cancer, obesity and substance abuse, and other critical disease areas. (Read the updated Economic Impact Report)