Winter 2008

Governor’s bold jobs stimulus package sees opportunity in bioscience

In his State of the State address on February 6, Governor Ted Strickland proposed a $1.7 billion jobs package, Building Ohio Jobs, which will invest in job-creating industries and Ohio workers over a four-year period.

Ohio Gov. Ted Strickland

Through issuing bonds, the $1.7 billion Building Ohio Jobs package would aim to create more than 80,000 good-paying jobs by investing:

• $200 million in the biomedical industry, saving lives by fueling Ohio’s leadership in new medical products.
• $250 million in the advanced and renewable energy economy, including solar, wind and clean coal.
• $100 million in bioproducts that use renewable sources instead of petroleum to create plastics and other products.
• $150 million in infrastructure to help create a seamless network of roads, rails, and ports to support logistics and distribution industry.
• $200 million establishing the Ohio Main Streets Renewal Initiative to spur redevelopment in downtown neighborhoods.
• $400 million in the Clean Ohio fund, to advance efforts to reclaim brownfields and other damaged lands and preserve farm land and open spaces.
• $400 million in the Ohio Public Works Commission to help local partners with road, bridge, water and sewer projects.

“BioOhio supports aggressive state investment in the biosciences as a major growth industry for Ohio both now and into the future,” said BioOhio President & CEO Tony Dennis. “We also are pleased that the administration has invited us to participate in policy development discussions by representing and engaging Ohio’s bioscience industry.”

To that end, BioOhio is helping the administration and the Ohio Department of Development organize meetings and conference calls with Ohio’s biomedical industry leaders. BioOhio also recently distributed a survey to its members, seeking their input on utilizing funds for maximum job growth.

In its recent Ohio Bioscience Growth Report, BioOhio reported that the state's commercial bioscience sector alone accounted for a $27.3 billion overall economic impact and 48,485 direct jobs in 2006. When indirect and induced jobs are factored, the commercial bioscience employment figure jumps to 128,206.

Lt. Governor Lee Fisher has stated that the biomed-focused funds will be biased toward supporting those opportunities with the greatest potential to create immediate jobs, especially those related to products or services already in the market or entering the market soon. He also has said this initiative is not intended to be a follow-on or replacement for the Third Frontier Project, but rather a jobs stimulus initiative focused on accelerating the growth of technology-based industries where market opportunities and current growth are significant. The administration has indicated it plans to pursue extending the Third Frontier Project as it reaches its maturity in 2012 to continue to generate new emerging companies and technologies.

During his State of the State address, Governor Strickland also referenced several bioscience organizations. Mentions of Cardinal Health’s 700-job, $50 million headquarters expansion in Dublin, Amylin Pharmaceuticals’ 500-job, $400 million investment in its West Chester production facility, and Cleveland’s Global Cardiovascular Innovation Center helped illustrate opportunities and successes in Ohio’s economic evolution. (Click for full text of the address)

The Governor has said that he wants the bond package on the Nov. 4 ballot.