NCBiotech Statement on Governor's Budget
Norris Tolson, president and CEO, made the following statement upon the release of Governor Pat McCrory's budget, March 20, 2013.
We are grateful that Governor McCrory recognizes the $59 billion of annual economic impact and the 237,000 jobs that biotechnology and life sciences contribute to North Carolina’s economy. Further, his emphasis on educational and skilled labor infrastructure in his budget highlights the North Carolina Biotechnology Center’s critical role in creating the business environment for biotechnology companies to create jobs.
However, the Governor’s budget directs the Biotechnology Center to use previously committed resources to continue daily operations. Such use of these reserves would cause us to default on our commitments to startup companies, research and development grants, economic development opportunities and education projects all across North Carolina.
These endeavors are designed to develop new medicines, grow safer foods, add jobs and improve the environment. Most, if not all, would have to be put on hold or canceled. Worse, companies developing these technologies may be unable to find alternative funding in North Carolina. Furthermore, it is likely that businesses looking to locate to North Carolina will focus on other states where funding and incentives for life-science companies are more readily available.
The North Carolina Biotechnology Center’s funding comes at a critical time for companies in the life-science world and for North Carolina. Competing states are investing heavily to create the infrastructure and support systems that North Carolina already has. We hope that the members of the General Assembly will continue to work with us, as they have for the past 29 years, and support the Center’s efforts to grow and expand the high paying jobs in the biotechnology and life sciences sector all across North Carolina.
See the impact of NCBiotech programs:
- Biotech's contribution to NC: $59 billion and 237,000 jobs
- Small companies hire 2,800+ after NCBiotech loans
- Success comes one job at a time