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New Mexico is fortunate to have an authority that oversees the development of the bioscience sector throughout the state. This approach has been successful in states like Maryland and North Carolina that in response experienced dramatic growth of their life science sectors. Because of the NMBSA, New Mexico is on the precipice of that type of growth too, but there is still work do be done.
America’s Frontier Fund (AFF) announced today that the New Mexico State Investment Council (NMSIC) has committed up to $100 million into Frontier Fund I, L.P. (Frontier Fund I). As part of the commitment, AFF plans to build a first-of-its-kind frontier technology venture studio, called “Roadrunner Studios,” in Albuquerque focused on commercializing cutting-edge R&D coming out of New Mexico’s national labs and universities.
More professionals are engaged in life sciences research in the United States than ever before. This group grew 79% between 2001-2021 compared with 8% growth for all U.S. occupations. Life, physical and social science occupations experienced the second-lowest unemployment rate of all U.S. occupations in April 2022 at 0.6%. CBRE has identified the best markets for accessing life sciences research talent. Talent pools are emerging rapidly in markets such as Albuquerque, New Mexico.
Blackstone company BioMed Realty was formed to target life science investments, and for years the firm has built a premier portfolio in the sector, valued at more than $22 billion. But, the last two years have provided even more opportunity in the asset class.
“opportunity enterprise partner” means a domestic corporation, a general partnership, an LLC, etc. determined to be engaged in an enterprise that creates or expands economic development opportunities within the state and is eligible for enterprise assistance pursuant to the Opportunity Enterprise Act.
The “venture capital program fund” is created in the authority. Money in the fund is appropriated to the authority for investment in New Mexico businesses and venture private equity funds pursuant to the Venture Capital Program Act and to pay the cost of administering that act.
Synthetic biology technologies are finally maturing, becoming the way almost anything can be manufactured competitively and sustainably. Business must learn to use syn-bio to develop new products and processes, improve existing ones, and reduce costs to remain competitive in the future.
Critical and emerging technologies (CETs) are a subset of advanced technologies that are potentially significant to U.S. national security.
The mission of this strategy is to reimagine New Mexico’s approach to economic development, beginning with building the capabilities necessary to facilitate statewide collaboration on common goals, like economic growth, inclusion, and workforce readiness.
The COVID-19 pandemic and resulting economic dislocation revealed long-standing vulnerabilities in our supply chains. The pandemic’s drastic impacts on demand patterns for a range of medical products including essential medicines wreaked havoc on the U.S. healthcare system.
The pandemic has changed everything. The world as we knew it will never be the same. In my opinion the future will bring great opportunity to thrive in the “next normal.” The time to act is now. If we don’t, the all-too-familiar story will prevail and we will again ask, “Why is New Mexico last on good lists and first on bad lists?”
Our state has gone from riding on top of the wave to getting crushed by events and circumstances beyond our control. Nobody could have seen this coming, but it should serve as a wake-up call for our state’s businesses, nonprofits and government entities that business-as-usual will not work in the future, and that there will be a “new normal.”
The bioscience industry is one of the only industries the U.S. is still the undisputed leader in, said New Mexico Bioscience Authority Chairman Richard Larson at the Sandoval Economic Alliance quarterly luncheon Wednesday.
The flip side to this fact, he said, is that New Mexico is tapped into less than one-tenth of 1 percent of that market.