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Virginia Gov. Glenn Youngkin on Sept. 17 received the 2024 Governor of the Year Award from the Biotechnology Innovation Organization (BIO) in recognition of his exceptional work to encourage biotechnology as an essential part of his state’s economy and innovation ecosystem.
Gov. Youngkin received the award from BIO President & CEO John F. Crowley during the BioHealth Capital Region Forum event, held at the US Pharmacopeia in Rockville, MD.
“It is my honor to recognize Gov. Youngkin with BIO’s 2024 Governor of the Year award for his leadership and support of the life sciences in Virginia,” said BIO President & CEO Crowley.
BIO’s annual Governor of the Year Award acknowledges governors for their commitment to strengthening biotechnology in their state. For over a decade, the award has highlighted the work of governors from across the country and both sides of the aisle.
“From advancing innovative economic development initiatives for the bioscience ecosystem to investing in cutting-edge life science facilities across the state, Gov. Youngkin has worked tirelessly on public policy solutions to help expand opportunities for researchers, entrepreneurs, and patients in Virginia,” Crowley said.
Why biotech loves Virginia
Incentives for the biotech industry in Virginia include tax breaks like a 100% capital gains tax exclusion for founders and investors in high-tech start-up companies, research and development tax credits, and an Angel Investor tax credit. Virginia’s support for biotech includes the Virginia Catalyst Grant program for life sciences companies and a range of incentives for companies that locate to the Commonwealth, provided by the Virginia Economic Development Partnership.
And the state is encouraging biotech clusters that provide ecosystems for innovation and growth. The University of Virginia (UVA) Fontaine Research Park in Charlottesville is being funded with $100 million private donation, $150 million from the university, and $50 million from the Commonwealth budget, according to the Virginia Biotechnology Association (Virginia Bio).
Gov. Youngkin has also announced the Commonwealth’s support for “Virginia’s Research Triangle” Network, which fosters collaboration in biotechnology, life sciences, and pharmaceutical manufacturing between research institutions at UVA, Virginia Tech, and Virginia Commonwealth University.
“Investing in biotechnology is investing in Virginia’s future,” said Gov. Youngkin upon receiving his award from BIO. “As the Commonwealth’s cutting-edge research triangle and network continues to expand, my administration is determined to remain at the forefront of fostering innovation. I am incredibly humbled to receive this award, and I look forward to further solidifying Virginia’s role as a leader in the life sciences industry.”
Why Virginia loves biotech
Virginia’s Life Science Community provides $8 billion to the biotech economy. The 1,451 life sciences companies in Virginia employ 26,545 people, making an average wage of $77,848, according to Virginia Bio. This activity has encouraged the biopharmaceutical industry to sponsor 1,197 clinical trials per year in Virginia.
“Virginia’s $8 billion biotechnology industry is thriving because of the steadfast support of our governmental leaders and regional partnerships,” said John Newby, CEO of the Virginia Biotechnology Association. “We thank Gov. Youngkin and his administration for making transformational investments in our ecosystem, and for promoting pro-innovation policies that bring life-improving technologies to patients.”
