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The Economic Impact of Bioscience Connecticut - May 30, 2011

Bioscience Connecticut accelerates the build-out of the foundation for continuing economic development and job growth, creating, attracting, and expanding biomedical and bioscience firms; in contrast to last year's PA10-104 legislation, while addressing effectively the essential challenges of UCHC, focused on expanding clinical services, an approach whose economic benefits would plateau after full implementation.

This CCEA analysis describes the benefits from implementing Bioscience Connecticut which focuses primarily on the UCHC campus expansion, together with the collaboration benefits to UCHC, which analysis is constrained to only those spin-offs and expansions based on Biosciences Connecticut’s anticipated Intellectual Property (IP) aggregate.


Connecticut Economic Analysis - May 2011               

Bucking Stiff Headwinds
Implementing Connecticut Technologies         

 

     May 20, 2011:    This CCEA Outlook explores the foundation for recovery in the face of lost federal stimulus funds and increased international competition. Modern logistics and an abundance of newly educated global workers together offer new market opportunities while altering the dynamics for recovery from recessions. These competitive forces increase the challenge for both the nation and the state.

Clearly, Connecticut has a strong competitive advantage in the life sciences, from both the dramatic success of Yale Medical's West Campus and the growth potential from the Biosciences Connecticut initiative, announced this week by Governor Malloy. As prevous Outlooks have argued, Connecticut does have the assets to change course dramatically in a relatively short timeframe.

The success of Connecticut’s economic future depends crucially on forming productive synergies among team members in the public and private sectors, cultivating intellectual property, and testing a platform from which to deliver unforeseen goods and services to market – - the essence of economic development.

Read the Full Outlook Report and CCEA's Economic Impact Report.


See prevous reports in this Connecticut Quarterly Forecasts series.