NYC Applied Life Sciences Hub

New York City is asking: If biotech can make it anywhere, can't it make it here?

The city government is today asking for proposals on how to use $100 million in funds and city land to create a "life sciences hub" with the goal of making the city competitive with Boston and San Francisco as a place to start biotechnology companies. The money is part of $500 million in resources the city has earmarked to draw biotech investment.

"We have such fantastic research institutions here that we would put ourselves up against anyone and argue that we're the top. But one area where we know that we are not the top is in the commercialization of the life sciences," says James Patchett, President and CEO of the New York City Economic Development Corporation (NYCEDC). "And, so, we believe that there's a moment in time, right now, where if we put our cards on the table we can be a leader in this field."