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Senate passes bill measuring CT bioscience investment impact

BY Patricia Daddona

5/18/2017
The state Senate has passed a bill that would allow policymakers to assess whether its investments in the bioscience and precision medicine sectors are resulting in economic development.

Led by Sen. Joan Hartley (D-Waterbury), the Senate unanimously supported Senate Bill 962, which calls for metrics to be developed by a private vendor. Connecticut Innovations, the state's quasi-public venture arm that invests in the bioscience sector, would use the metrics to vet bioscience proposals. In addition, the state would use those metrics to evaluate job creation, multiplier effects and other economic outcomes of investment, Hartley said.

"Bioscience and precision medicine are growing rapidly in Connecticut, and we need to be able to move nimbly and make smart investment decisions in order to ensure that this growth continues," said Hartley, who co-chairs the commerce committee.

As this industry grows, it is critical that the state know how to best target its financial support in order to maximize job growth and economic impact, she added.

The House of Representatives will next consider the bill.