State to Invest $320M in Biomedical Research
The New York State 2017-18 budget includes a significant investment in research as part of Governor Andrew Cuomo’s life sciences initiative.
"New York State is a global leader in biomedical research and innovation, but we are at risk of falling behind and losing some of our brightest scientific minds as the federal government threatens devastating cuts to medical research and as other states make substantial investments in talent and infrastructure," said Mark Taubman, M.D., CEO of the University of Rochester Medical Center and Dean of the School of Medicine and Dentistry. "Thanks to Governor Cuomo's leadership, we will continue to be at the forefront of new discoveries, cures and treatments, accelerate the commercialization of new technologies, retain and attract top scientists, and serve as an engine for economic growth. I applaud both the Governor and the Legislature for this historic commitment. "
The budget includes $320 million in capital funding to support life sciences, of which $20 million is specifically targeted for bioscience research labs and academic medical centers. This investment in research will be matched by the medical schools 2:1 and be used to create new labs that will focus on biomedical research that will lead to better treatment and cures for diseases that ail New York’s residents. State funds will be used for laboratory construction, purchase of analytic equipment, and other expenses related to the recruitment and retention of scientific talent.
New York State is home to more medical schools than any other state in the nation, educating 10 percent of the nation’s medical students, and training nearly 15 percent of its resident physicians. These schools were awarded more than $2.2 billion in National Institutes of Health (NIH) in FY16, support more than 27,500 jobs, and generate an estimated $5.48 billion in economic activity from NIH research alone.
The Associated Medical Schools of New York (AMSNY) estimates that for every $1 million invested by the state and matched by medical schools will enable a school to recruit one world-class laboratory with approximately 8-10 employees. Research jobs are among the highest-paying jobs in the state, with an average salary of $74,000.