Biotech-apalooza
Lines for major rock concerts or the latest Star Trek film are one thing, but who are those folks camping out this week at the University of Maryland BioPark? They are executives from biotech companies anxious to apply for Maryland's $6 million in biotech tax credits.
What started out as an overnight event last summer has become something bigger: The line to apply for tax credits formed Friday morning in advance of when the Maryland Department of Business and Economic Development begins accepting applications Wednesday at 9 a.m. for this year's program.
Is this good or bad? It certainly indicates a strong demand at a time when private capital is hard to find. Of course, it should be noted that applicants (or in some cases, their surrogates) aren't exactly roughing it. They get to stay in an air-conditioned conference room and have access to showers and bathrooms.
The phenomenon also suggests the General Assembly was wise not to cut back on the program despite the economic downturn and state budget crisis. In three years, it's fueled at least $36 million in investment in several dozen biotech companies.
In the long term, biotechnology is considered a strong growth area within the health care and research field. If Maryland wants to attract these future employers, the state has to be willing to support their efforts when times are tough.
