Memphis’ biotech initiative got kudos for its “dead-on mindset” from BusinessWeek writer and renowned blogger Sarah Lacy, who was “blown away” after her visit with Bioworks Foundation Executive Director Steve Bares. Lacy’s assessment that Bioworks is “doing a lot of things right” was reinforced by the Memphis Business Journal’s recent observation of biotech as a “bright spot” in an otherwise sluggish local economy, citing a range of recent successes from Fast Forward’s comprehensive strategy for growing the local biotech industry.
Lacy noted the wisdom of the Bioworks strategy of playing to local strengths, rather than trying to be the next silicon valley. Lacy notes that “Bioworks is focusing on companies that would actually benefit from being in Memphis” by taking advantage of unique assets like new UT Baptist Research Park facilities and local biologistics capabilities.
This strategy is bearing fruit with the steady growth of UT Baptist Research Park, the region’s emerging biotech hub that builds on the area’s robust established medical center. The University of Tennessee Health Science Center College of Pharmacy building is under way, construction will begin next year on a research and development building, and the Research Park’s $22 million biocontainment lab is slated for an early 2009 completion. These projects will bring a total of 400,000 square feet of new research space to Memphis within the next two years, with a total of 1.4 million square feet of research space by 2017.
As envisioned, new facilities are attracting new businesses. New York-based Biopeptides Corp. recently announced the relocation of its research staff to Memphis in part for proximity to the new Regional Biocontainment Laboratory.
Businesses are also attracted to the region’s unique biologistics capabilities. For example, Idexx Laboratories is building a new 8,000-square-foot lab and adding 50 new high paying jobs. Memphis will give the company a competitive edge with faster shipping turnaround time for customized products from its lab.
For More Information Contact: Steve Bares (901) 448-8800
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