Maryland biotech association receives federal funding to boost state’s innovation

The Maryland Tech Council (MTC) announced yesterday that it received $2.45 million in federal funds aimed at boosting innovations in the State of Maryland, according to a press release.

The council, one of the biggest technology and life sciences trade associations will receive these funds under the project community funding for the fiscal year 2022 omnibus appropriations legislation, the press release states.

Maryland Senator Chris Van Hollen who chairs the subcommittee for Senate Appropriations Financial Services and General Government said he fought hard to secure the funding and accelerate new opportunities in the near future.

“The Maryland Tech Council plays an important role in growing our innovation economy and supporting a pipeline of talent for that work. These funds to support their BioHub Maryland initiative will help further drive our state’s leadership in life sciences and tech, strengthen our workforce, and grow our small business base,” Senator Van Hollen stated.

“This extraordinary opportunity will advance our plan to make Maryland the nation’s premiere destination of choice for life science and tech innovators. This funding will be transformational for our community as we seek to strengthen our talent pipeline and entrepreneurial ecosystem,” said Marty Rosendal, the CEO of Maryland Tech Council.

BioHealth in Maryland

According to a report by the Milken Institute, Maryland is host to one of the strongest life science industries in the United States being the home of more than 500 biotech firms and 2,700 companies for life science. The state also contributes with more than 54,000 high-paying jobs in this segment, the report finds.

The State of Maryland can also boast with the regional collaboration project with Washington DC and Virginia named BioHealth Capital Region, which took fourth place in US top biopharma clusters for 2021.

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