November 18, 2004
Contact: Mike Shore, MEDC
(517) 335-4590
Granholm Concludes German Investment Mission with Strong Life Sciences Message
Michigan's Research and Industry Generating Opportunities
Governor Jennifer M. Granholm tonight explained to an audience of German scientists and entrepreneurs how Michigan's targeted life sciences initiative is leading to new innovations, new companies and new jobs for Michigan workers. The message was part of an Emerging Life Sciences Business Seminar in Munich that was hosted by Oakland County Executive L. Brooks Patterson who is participating in the Governor's five-day investment mission.
"As a result of our state's commitment to grow the life sciences industry, about 100 new life sciences companies have sprung up in Michigan over the past four years alone," Granholm said. "In addition to creating new opportunities in the biotech sector, we are also seeing that the technology and research developed has applications in other high-growth industries. This is the perfect wrap up for this mission because it underscores the link between emerging technologies and our established automotive industry. The combination of the two will be the engine that drives our 21st century economy in Michigan forward."
Granholm explained that the state committed $1 billion over 20 years to its life sciences initiative, which began in earnest in 2000. When she became Governor in 2002, the program's success prompted Granholm to also target the high-growth sectors of homeland security and advanced automotive technology through the Michigan Technology Tri-Corridor initiative. Funding in the form of competitive grants and investments is awarded annually to qualified applicants from Michigan universities, public and private research institutions and Michigan-based for-profit firms.
Through this program Michigan has invested more than $200 million over the last four years to foster growth in the life sciences industry sector.
"According to a recent study, the direct economic impact to Michigan from jobs in the biopharmaceutical industry is rapidly approaching $2 billion a year," Granholm said. "The total economic impact of this industry on our state is $3.9 billion a year. These statistics demonstrate that the biotech and pharmaceutical research being done in Michigan is critical to our future economic success."
The seminar included representatives from dozens of German companies. "Michigan is the perfect Petri dish for growing these new businesses," she said. "Our heritage as an automotive powerhouse provides a steady base upon which these new technologies can expand and grow."
"There are great opportunities for German scientists, German companies and German entrepreneurs in Michigan," Granholm said. "We will be happy to help you explore those opportunities in ways that will benefit you and our great state."
Granholm's message at the seminar came as she nears the end of a five-day investment mission to Germany. During the mission the Governor met with the executives of many German companies to help convince those German companies who are doing business in Michigan to expand and to encourage those not yet located in the state to include it in their growth plans.