NYC Doubles Down on Life Sciences Commitment
The de Blasio administration on Wednesday announced a plan to double the city’s $500-million investment in life sciences to $1 billion.
To that end, the New York City Economic Development Corporation has issued an RFP to help advance the commercial research and development of new medicines, medical devices, diagnostics, materials, and research tools. The city will provide up to $112 million in city capital to support one or more innovation projects.
“New York City can do more than just fight back against COVID-19,” said Mayor Bill de Blasio. “We can invest in fast-growing sectors like the life sciences to stop the next pandemic before it starts – and become the public health capital of the world.”
The announcement coincided with a CBRE report that growth in the city’s life sciences sector wasn’t hindered by the pandemic-driven downturn. Venture capital fundraising is off to its strongest year-to-date start yet, CBRE reported.