Doubles State of the City commitment to make New York City the public health capital of the world
Mayor de Blasio and the NYC Economic Development Corporation (NYCEDC) today announced a plan to double the City’s $500 million investment in life sciences to $1 billion as part of LifeSci NYC, a commitment launched in the Mayor’s State of the City address to create jobs and establish New York City as the global leader in life sciences. This expanded initiative is expected to generate 40,000 jobs.
Mayor de Blasio kicked off this next chapter of the city’s support for this industry by announcing a Request for Proposals (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 award $20 million to support one or more innovation projects. Multiple awardees can access up to $20 million each.
“New York City can do more than just fight back COVID-19. 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,” said Mayor Bill de Blasio. “This expansion will accelerate the growth of local researchers and businesses inventing the cures for whatever comes next. It’s the key to our economic and public health recovery, and it will produce more effective and more equitable health outcomes for New Yorkers across the five boroughs.”
“A recovery for all requires making the City healthier—giving every neighborhood and every household access to the best preventive health care and treatment available. To do that, we are committing today to make New York City the public health capital of the world. Today’s investment will foster life sciences research, innovation and manufacturing, making the City the place where diagnostics, therapeutics and improvements in health care delivery are invented, tested and made available to the world, all while providing good-paying jobs to our incredibly talented, well-educated, and driven workforce,” said Deputy Mayor for Housing and Economic Development Vicki Been. “By doubling our original investment, we ensure both that health care will be fairer for all New Yorkers, and that New York City will be the incubator for public health innovation—full stop.”
“Strengthening our commitment to LifeSci NYC bolsters our pipeline of job opportunities in life sciences innovation and supports the creation of construction jobs as we build new infrastructure,” said Senior Advisor for Recovery Lorraine Grillo. “This expanded investment in life sciences affirms New York City’s leadership in advancing public health, developing treatments, finding cures, and ensuring a recovery for all of us.”
“Building a healthier city means ensuring the life science sector is equipped with the greatest potential for cutting-edge technologies and treatments for all New Yorkers,” said Rachel Loeb, president and CEO of the New York City Economic Development Corporation. “With a diverse talent pool, a network of premier academic and medical institutions, New York City is positioned to grow as a global leader in life sciences research and innovation. We’re thrilled to expand LifeSci NYC by investing in more talent, companies, and innovative spaces to help us recover and build a stronger economy for all.”
Over the next decade, New York City will expand its investment to $1 billion to develop the life sciences industry by launching new commitments as part of LifeSci NYC. The program will invest an additional:
- $200 million in City investment to support the construction of much-needed commercial lab space and incubators
- $300 million in City capital to support nonprofit facilities to spur new research that translates into companies, jobs, medicines, and advanced technologies
- $5 million to enhance the Life Sciences Expansion Fund to support early stage companies
- $5 million to expand the LifeSci NYC Internship program to develop the city’s life sciences talent pipeline
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