Jackson Lab expects $291 mil. in returns
Published: Monday, January 28, 2013
Updated: Monday, January 28, 2013 23:01
A ground-breaking ceremony took place Jan. 17 partnering Jackson laboratory, UConn, and the state of the Connecticut all as part of Gov. Dan Malloy’s Bioscience Connecticut initiative.
President Susan Herbst says work has been underway for more than a year to catalyze the unique partnership between the nonprofit Jackson Lab, the university, the health center, the state, Yale University and others. In May 2011, legislatures approved Gov. Dan Malloy’s plans of a partnership with Jackson Laboratory that is an independent nonprofit biomedical research institution based out of Bar Harbor, Maine according to a WTNH report.
“The ground-breaking ceremony in January was a tangible symbol of the progress that has been achieved so far,” said President Herbst via email. “It is also an opportunity to celebrate promise of this important collaboration.”
Although there was a major budget cut to the state of $170 million and $15 million cut from the university announced in November 2012 Herbst says the funding for this project was approved during a special session in 2011. The research facility will be funded $291 million for construction over the next decade and under the deal Connecticut will provide $192 million loans that eventually will be forgiven once the Jackson project creates and retains 300 jobs by the 10th year according to an article from the CT Mirror. The lab will also be receiving $99 million in research grants in the next 10 years.
“Governor Malloy understands that non-profit research organizations, working with the University and other medical and academic institutions, can be a tremendous force for lasting job creation and long-term economic expansion,” Herbst said.
Gov. Malloy aims for the project to jump start the state’s economy by providing construction between 2012-2018 as well as create permanent jobs by 2037, according to the bioscience Connecticut website. Malloy also plans to secure the future for the UConn Health Center to make sure that it remains in the top tier academic medical center. Herbst says that this model has worked well in other states in order to create lasting jobs.
“According to the Price Waterhouse Coopers, the personalized medicine industry is worth nearly $284 billion in sales per year, and is experiencing double-digit growth annually,” Herbst said.
“As the governor has noted, this is a rare opportunity for Connecticut to become a leader in an emerging and promising field. Working with the University, our state can become a magnet for science, research and technology.”
Malloy also told UConn Today that the Jackson Laboratory for Genomic Medicine will support research that aims to uncover genomic causes of human diseases as well as create new approaches in personalized medicine to prevent medicine to prevent, detect and treat them. The initiative includes many other projects that are listed on the Bioscience Connecticut website giving specifics on how much funding it will cost to complete the other building projects. Some of these projects include renovations of existing research facilities, creating new incubator space, creating a new patient tower at the John Dempsey Hospital and constructing a privately financed ambulatory care facility.
Herbst is confident that the project will lead to job creation for the region and even lead to new treatments and cures for various diseases.
“On our campus, I’m especially proud of the university’s new multidisciplinary Institute for Systems Genomics Medicine, which came together as a result of the partnership with Jackson,” said Herbst. “The institute will establish a world-class research and training program in genomics and personalized medicine, build relationships between the academic and corporate communities, and encourage students to pursue careers in genomics studies.”