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FOR IMMEDIATE RELEASE |
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CONTACT: Mike
Storm |
State Rep. Chelsa
Wagner State Rep. Matt Smith |
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Wagner and Smith unveil strategic investment in Pa.’s biomedical research that would bring 12,000 high-paying jobs
PITTSBURGH, April 13 – Pennsylvania’s biomedical capacity would be greatly enhanced by a proposal unveiled today by state Reps. Matt Smith and Chelsa Wagner, both D-Allegheny. The pair was joined by Gov. Ed Rendell to announce they will introduce legislation to establish the Jonas Salk Legacy Fund, named in honor of the renowned innovator who developed the polio vaccine. The fund would provide a major infusion of funding into research, commercialization and health-venture investments.
Wagner said the Salk Fund proposal is an opportunity to build on the state’s burgeoning biomedical industry and help Pennsylvania become a national leader in the field.
“By expanding our state-of-the-art research facilities and jobs, we would make Pennsylvania an irresistible destination for cutting-edge bioscience and pharmaceutical companies that bring good jobs,” said Wagner. “The research funded through this investment could lead to the next great medical breakthrough that will save lives and enhance our ability to provide a higher quality of life for everyone.”
Smith said the state would use a small piece of its tobacco settlement funds for the Salk Fund, costing taxpayers nothing.
“The Jonas Salk Legacy Fund would provide up to $500 million in state funding over the next two years at no cost to taxpayers,” said Smith. “Each dollar would be matched by grant recipients, resulting in $1 billion to accelerate the rate of medical breakthroughs and create thousands of high-paying jobs.”
Gov. Rendell echoed those sentiments, saying the Jonas Salk Legacy Fund is an investment that will lead to new medical breakthroughs and strengthen Pennsylvania’s economy for years to come.
“The Salk Legacy Fund is an investment that we need to make today,” said Gov. Rendell. “Injecting $1 billion into Pennsylvania’s bioscience industry will generate tremendous opportunities for our academic institutions, medical centers and advanced technology firms, and it will attract top talent to the state. What’s more, this initiative offers the promise of breakthroughs against many chronic and debilitating diseases facing us today, and keeps the commonwealth on par with other states and nations making similar investments.”
The Salk Fund would directly support the advancement of Pennsylvania’s capacity in biotechnology, medical technology, pharmaceuticals and research and development. Grants would focus on capital investments in facilities and research infrastructure, as well as provide specialized equipment for newly recruited faculty to convert and upgrade research facilities in universities and colleges across the state.
Wagner noted that grants through the Salk Fund would support the creation of about 12,000 high-quality research-related and support jobs with average annual salaries of $65,000, providing an additional $24 million in personal income tax revenues for the state.
"The key to cures or long-term survival from cancer lies in our ability to detect it early, before symptoms have appeared and before the cancer has had a chance to spread," said Ronald B. Herberman, M.D., director of the University of Pittsburgh Cancer Institute and the UPMC Cancer Centers where Wagner and Smith made their announcement today. "The Jonas Salk Legacy Fund will help us build on our successes in using innovative techniques and help us further translate fundamental discoveries about disease progression into techniques for clinical diagnosis that can have an enormous impact on public health."
Smith and Wagner’s bill also proposes to divert 2 percent of tobacco-settlement revenue to fund the existing Regional Biotechnology Centers, also known as the Life Sciences Greenhouses, and another 2 percent to the Health Venture Investment Account to provide additional capital to support Pennsylvania’s emerging life sciences companies. Proceeds would be returned and reinvested each year.
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