Learn all of the advantages New York State offers firms in the life sciences industry

Countless medical discoveries have been made in New York, and companies in the state continue to lead innovation in biotech and life science.

Today, firms in New York State are moving beyond traditional industry boundaries of biotechnology, pharmaceutical manufacturing, biomedical technologies, life systems technologies, biomedical devices and diagnostic labs. They’re creating new healthcare solutions for patients and providers by combining life sciences’ core technologies, developing new technology platforms and products that offer improvements in safety, effectiveness, convenience and value. Discover why New York State is the ideal place to launch or expand your business.

#2

national ranking of New York State in funding biotech and life science R&D

47

new companies launched from Long Island’s robust biotech research community over the last three decades

$47M

offered by the Innovate NY Fund to support innovation and job creation throughout New York State

Key facts

New York State supports the biotech and life sciences industry with economic development programs, an educated workforce and a focus on R&D. Here’s how New York is growing the industry:

  • New York State is an important center of R&D, with research split almost evenly between upstate and downstate colleges and universities. This gives science-based industries statewide access to potential partnerships and the latest advances.
  • New York State ranks #2 among states with adults who have four or more years of college education.
  • The Long Island–based Center for Biotechnology helps start and grow biotech firms with resources including four incubators and a 245-acre research park.
  • NewYorkBIO, New York State’s life science trade association, serves the state’s bioscience-related businesses, maintaining New York State’s status as a premier global location for biotechnology and biomedical research, education and industry.
  • Innovative New York State workforce development programs help provide the talent that emerging biotech companies need.
  • In 2016, four biotech companies announced they would build or expand their commercial operations in New York. The New York Ventures Innovate NY Fund has partnered with a leading life sciences investment fund, the Partnership Fund for New York City, to further advance an emerging biotechnology cluster, and invested $2.8 million in TARA Biosystems Inc., Celmatix Inc., Lodo Therapeutics Corp., and Petra Pharma Corp. 

Regeneron: a global leader in biotech innovation

How does a biotechnology firm become a global leader, with multiple medications on the market and a solid reputation for innovative solutions that help it break through...

Regeneron: a global leader in biotech innovation

How does a biotechnology firm become a global leader, with multiple medications on the market and a solid reputation for innovative solutions that help it break through...

Tax advantages transform science into business opportunity

New York State’s notable advances are due in part to the continued support of the industry, including biotech venture capital companies that invest in R&D conducted in New York State. The return includes:

  • 9% corporate tax credit (for eligible companies).
  • Three-year job creation credit of $1,000 per employee.
  • Capital credit for investments in emerging technologies.

Additional credits are available to encourage the creation and expansion of emerging technology businesses, including a variety of tax incentives for qualified emerging technology companies (QETCs), with particular focus on small emerging technology businesses and the investments they make in qualified research.

Industry Contact

Loretta Beine
Director, Industry Development; Life Sciences
  • Biotech and Life Sciences
(631) 435-0717