Home Industries Turco selected as R.I. Life Science Hub’s first CEO

Turco selected as R.I. Life Science Hub’s first CEO

By

Katie Castellani

-

12/12/2024

turco — ALMOST A year since the Rhode Island Life Science Hub launched, the quasi-public agency selected Dr. Mark Turco to serve as its first CEO and president./COURTESY OF R.I. LIFE SCIENCE HUB.

PROVIDENCE – Almost a year since the R.I. Life Science Hub launched the quasi-public agency selected Dr. Mark Turco to serve as its first CEO and president. Turco’s position is dependent on his employment contract getting approved by the hub’s board of directors, as well as advice and consent of the Senate. “With a top-tier

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PROVIDENCE – Almost a year since the R.I. Life Science Hub launched the quasi-public agency selected Dr. Mark Turco to serve as its first CEO and president. Turco’s position is dependent on his employment contract getting approved by the hub’s board of directors, as well as advice and consent of the Senate. “With a top-tier board, the launch of an incubator lab and other programs, and now a dynamic, experienced candidate to lead the Life Science Hub, I am confident that we will deliver on the bold vision of transforming Rhode Island into a nationally recognized center for life sciences innovation,” said Neil D. Steinberg, chairman of the hub’s board. “Dr. Turco has the experience and skills to bring government, the private sector and academia together to generate the energy and culture we need to encourage innovation and create jobs right here in Rhode Island." As the hub’s first permanent CEO and president, Turco will focus on building necessary infrastructure, finding opportunities for the state’s growing life sciences industry. He will also work on building and implementing the hub’s initiatives and programs, including leading the development of the recently announced incubator lab space. “This is such an exciting opportunity, as Rhode Island is uniquely positioned to be a global leader in life sciences,” said Turco. “The combination of our academic institutions and health care systems, as well as the state government’s commitment to fostering a more diverse medical and scientific ecosystem bring together the ingredients for success.” Turco, who is a Providence resident, has more than 25 years of experience as an executive and in advancing medical technology development, clinical medicine as well as academic research and innovation. He has served as the chief innovation officer at the University of Pennsylvania where he established the Center of Penn-Health Tech – a partnership between the engineering and medical schools to develop medical technologies. Turco has also led research teams and innovators through the process of creating a company and the regulatory approvals needed to launch new medical technologies. Most recently, he has led two cardiovascular startups which were acquired by larger public medical device companies. Dr. Patrice Milos served as the hub’s interim president during the six month search process for a permanent leader. She is expected to be reappointed to the board. “On behalf of the entire board, I want to thank Patrice for her willingness to step up to lead the Life Science Hub during this critical period,” said Steinberg. “She established grant programs and negotiated agreements for the incubator lab space in a very short period of time, setting the stage for future success.” The search for the hub’s CEO began with at least 225 potential candidates from across the country. Steinberg had previously set a goal of selecting a permanent leader before the Senate convened in June. However, that goal was abandoned in favor of finding an interim president as the search process simply took longer than expected. Details of Turco’s contract were not immediately clear, the hub has previously said the CEO’s salary will fall between $250,000 and $400,000. Milos was paid $25,000 per month as interim president. Turco’s appointment comes after the hub, which held its first board meeting in January, recently announced development of the state’s first incubator lab space is underway. The lab space, expected to open in December 2025, will be located at 150 Richmond St. in Providence and is supported with investments from Brown University and the I-195 District Redevelopment Commission. Along with this, the hub hosted its first summit in the spring, launched a $250,000 Small Grant Fund and approved $20 million in special grant funding. “The arrival of Dr. Turco and this week’s announcement about state-of-the-art lab space reflects the progress and momentum already generated by the Life Science Hub in its very first year,” said Steinberg. “This bodes well for Rhode Island as we work to establish the state as a global leader in the life sciences.” Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.