PROVIDENCE – When Robert Coughlin was running for a seat in the Mass. House of Representatives he was hit with a curveball: his newborn baby had cystic fibrosis.
Coughlin’s initial instinct was to step away from politics and focus on family. But then he met with a social worker at Boston Children’s Hospital who reminded him how important policy change was for life sciences and helping patients such as his son.
Eventually, Coughlin found his way to Beacon Hill and became a champion of the life science and biotech industry.
“When you're not a doctor and you're not a scientist and you have the opportunity to make and change lives why not do it,” said Coughlin, managing director at JLL and former CEO of MassBIO, during his keynote address at the R.I. Life Science Hub’s inaugural summit held Tuesday at the R.I. Convention Center. “That intersection between innovation and policy is real.”
With more than 120 colleges and universities and renowned medical institutions, Massachusetts was able to develop its life science industry with the help of the state government, academic institutions and companies. Now, Rhode Island has that same opportunity.
“You have every single ingredient right here in Rhode Island. As long as you get everybody rowing the boat together you will be curing diseases and creating jobs,” said Coughlin, whose son with cystic fibrosis will be graduating from college in the next two days.
Gov. Daniel J. McKee agreed with Coughlin. McKee said the state has a strong base to develop the life science industry with its health systems, companies and academic resources. As part of his fiscal year 2025 budget, McKee proposed an $80 million bond issue to build a life science building on the University of Rhode Island’s campus that voters will decide on this November.
“Rhode Island’s economy is ready. The time is now,” McKee said. “It is our turn and the creation of a life science hub is the right move at the right time to help us build out our economy and raise incomes in all of Rhode Island.”
House Speaker Joseph K. Shekarchi said McKee’s proposal for a life science building at URI has strong support will be in the budget. He also stressed the importance of collaboration in order for the life science industry to succeed.
But opportunities in the life sciences expand beyond Rhode Island. Shekarchi noted that Rhode Island should work together with Massachusetts and Connecticut to create a regional “superhub.”
“...We can work collaboratively with our neighbors to create a regional hub of great success,” Shekarchi said. “...This is a unique opportunity for Rhode Island to step up and not only be part of the game, but to be a leader."
Neil Steinberg, board chairman of the quasi-public agency, said the hub has four primary objectives now: finding a CEO, developing incubator lab space, starting a fund to invest in early stage companies and workforce development.
Within the next week Steinberg said the board is expecting to announce a small grant program for companies. And while the search for a CEO continues, the board is expecting to appoint an interim president in the coming weeks. Though there is currently no incubator lab space available for private companies in Rhode Island, the board is reviewing responses to its request for proposals seeking a developer of the wet lab and incubator space.
But even though there is a sense of urgency to get the hub up and running, it’s important to practice patience to ensure long-term success, he said, noting the hub’s overall motivation lies in helping patients.
“...It's public health,” Steinberg said. “It's to grow, build, retain and attract companies. It's good paying jobs on the Rhode to Prosperity the governor is leading, it's to increase healthy outcomes locally, nationally and internationally – that's the end game of this."
Senate Finance Chairman Lou DiPalma, D-Middletown, also said the reason for developing the life science hub is to improve public health.
“Why are we here? It’s the impact of population health,” DiPalma said.
DiPalma noted this is only the beginning for the state’s life science investment and there will likely be challenges, but it's important to continue the investments like Massachusetts has done.
In his keynote address Travis McCready, head of life sciences for the Americas markets at JLL and Former CEO and president of the Massachusetts Life Sciences Center, said the state’s life science industry will start to take off when Rhode Islanders ask themselves "how can I help?”
McCready agreed with other speakers that Rhode Island has the resources to develop a successful life science hub, but it's important for people to share their ideas and innovations with leaders.
“...[It's] not leadership from the top, but leadership from within that transforms ecosystems,” McCready said.
The event also featured four concurrent breakout sessions on the topics of: transferring technology from the research labs to commercial ventures; increasing access to capital; enhancing life science infrastructure and the growing workforce and the impact of artificial intelligence.
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.
