Bioscience Sector Continues to Pay Big Dividends for Region

The Bioscience industry has grown significantly in the Greater Oklahoma City region this decade and has developed into a key sector of the region’s economic engine. Between 2001 and 2008, the region’s employment in this area grew 17.8 percent, outpacing the national average. A new study, commissioned by the Greater Oklahoma City Chamber, will help to not only maintain the burgeoning sector’s momentum but continue to transform Oklahoma City into a national and international player in Biosciences.

“The Bioscience industry is a key component of the Chamber’s economic development strategy,” Greater Oklahoma City Chamber President & CEO Roy Williams said. “This sector pays about $12,000 more annually then the average private sector wage in our area. As national and international trends in this field continue to evolve we recognized it was essential to update our strategy so we can continue to grow this vital part of our economy.”

In 2004, the Chamber partnered with Battelle Technology Partnership Practice, one of the world’s largest research and development organizations, and a Steering Committee of key bioscience leaders to develop a long-term strategic plan for the 11-county region’s Bioscience industry. The initial study and resulting strategic plan resulted in:

• Successful launch of the Oklahoma Bioscience Association
• Creation of the Oklahoma Seed Fund
• Launch of the Oklahoma Life Science Fund
• Creation of the Bioenergy Research Center
• Significant investments in bioscience research infrastructure
• Creation and first installment for $1 billion EDGE Endowment fund

As other states and regions continue to advance bold initiatives that encompass both the economic and social benefits of new bioscience discoveries, the Chamber decided to once again partner with Battelle to make sure

Oklahoma City continued to put itself in the best possible position to capitalize on this growing economic driver.

The new study outlines four strategies (with 15 supporting recommendations) to achieve the region’s bioscience vision:

• Continue to grow the region’s bioscience research and development base and accelerate the commercialization of research findings
• Ensure Oklahoma City grows, attracts and retains bioscience talent
• Grow the region’s bioscience industry cluster by supporting the expansion of existing firms, the creation of new firms and the attraction of firms to the state
• Build a comprehensive venture capital infrastructure that develops local resources and attracts additional national and international resources to Oklahoma.

The study also found that while the region has made great strides in building its bioscience industry cluster, significant work still remains in vital areas such as full funding for EDGE, funding for additional research faculty at the state’s universities and research institutions and all stages of capital investment.

“The research shows the investments we are making in Biosciences are clearly paying off for the Oklahoma economy,” Williams said. “Some of our local legislators have suggested cutting or eliminating funding for programs like EDGE. This would be catastrophic for this sector of our economy. In categories like capital investments we still lag greatly behind regional competitors like Denver, Birmingham, Tuscon and Louisville. These are the types of issues our strategy will focus on going forward.”

In addition to the strategies, recommendations and regional industry update, the plan also identifies existing, key scientific core competencies in the bio-medical and bio-agriculture spheres that hold valuable research strengths and growing market opportunities.

To see a copy of the Bioscience Strategic Plan, please go to http://www.okcchamber.com/bio/OKCityBioscienceUpdate2010.pdf