BioGroup, the life sciences industry association for Rhode Island, released Monday the results of an 18-month-long study of the state’s biotechnology industry.
Titled “Biotech Rhode Island: An Analysis of Opportunities for Growth,” the report provides an overview of the biotech industry’s overall economic impact on Rhode Island, examines its potential for future growth and identifies barriers to expansion.
Rhode Island’s facilities, infrastructure, talent pool, resources and business climate are among the factors evaluated by the study. The report concludes that “there are substantial opportunities for Rhode Island to capitalize on its existing successes in life sciences. The sector is already a major economic force in the state and, if nurtured, has the potential to transform the economic landscape. On the other hand, there are also some significant barriers that must be removed in order for the life sciences sector to reach its full potential in Rhode Island.”
BioGroup is an affiliate of the TechCollective, a consortium of technology industry associations in Rhode Island. The study’s results were announced Monday at the State House with several government officials and technology leaders present.
