University City Science Center CEO Steve Tang today highlighted the importance of the life sciences as an economic driver during his testimony at a hearing of the U.S. Congress Joint Economic Committee.
PRESS RELEASE [PDF]: During his remarks, Tang described the history and mission of the Science Center, the nation’s oldest and largest urban research park, and its contributions to the Greater Philadelphia economy. “More than 350 companies have passed through our doors since we were founded in 1963.The 93 that remain in the Greater Philadelphia region account for over $9 billion of sales and 15,000 current direct jobs. These jobs pay an average of $89,000 per year—a remarkable figure, especially in today’s economy,” he explained.
Yet, he noted, “The life sciences industry does more than create well-paying jobs. Scientists and researchers are dramatically improving treatments, therapeutics and ultimately patient care and quality of life.”
Tang pointed to the Science Center’s innovative QED Proof of Concept funding program, which pulls technologies out of the lab and into the marketplace by pairing scientific researchers with experienced business advisors, as an example of regional collaboration. “At the Science Center, we firmly believe that our multi-institutional QED program is a unique and model ‘public-private partnership’ that can be replicated across the nation to help promising ventures cross the ‘Valley of Death’ in funding,” he said. MORE [PDF]
Tang also expressed his support for the proposed tax credit-based Life Sciences Jobs and Investment Act, a measure also supported by Pennsylvania Bio.
To watch his testimony, go here, where he is introduced at 34:40 into the video.
Earlier this month, the Science Center announced that Tang had been named to the U.S. Department of Commerce’s new Innovation Advisory Board, which also includes Natalia Olson-Urtecho of Center City based business development firm EG.
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