Maryland Ranked No. 2 Nationwide by the Milken Institute
Annapolis, MD (June 19, 2008) – Just days after Governor Martin O’Malley unveiled a new vision for biotechnology in Maryland, the Milken Institute today announced that Maryland has climbed into the No. 2 ranking nationwide for technology economy preparedness. Click here for the complete report.
“This is tremendous news for the State of Maryland,” said Governor O’Malley. “With strong partnerships between the public and private sectors, and collaborative research with universities, we have been able to strengthen our position as a national and world leader in the research and development of groundbreaking new science with the potential to reshape the landscape of 21st century medicine. The results of the Milken study are further evidence that Maryland is highly competitive in drawing, retaining, and growing technology-based businesses.”
According to study results, Maryland ranks first in the nation for human capital investment, and, unlike Massachusetts, it places consistently in the top ten in all five composite indices. Foreshadowing Maryland’s rise, the 2004 index predicted the State’s successful commercialization of its intangible assets, leveraged by its strengths in life sciences and communication technology. Maryland’s 6th-place finish in Technology Concentration and Dynamism in 2004 improved to a 2nd-place finish this year. The study credits alternative assistance, like Maryland’s Sunny Day Fund, which has attracted businesses into the State by providing a more stable creative workforce, as well as new projects like Maryland’s Nanocenter, which have linked research facilities with industry know-how to promote cutting-edge product development.
The news comes on the heels of Governor O’Malley’s announcement this week of a new vision for the bioscience industry in Maryland. Under the BIO 2020 Initiative, the State of Maryland will invest $1.1 billion in Maryland’s bioscience industry over the next 10 years – the largest per capita investment in the biosciences made by any state in the country – to attract and grow biotechnology companies in Maryland. At the core of the Governor’s initiative is the creation of the Maryland Biotechnology Center, a “one-stop shop” that showcases and supports biotechnology innovation and entrepreneurship in Maryland. An accessible and welcoming office will be designed and staffed with knowledgeable and enthusiastic bioscience experts who can help attract and grow bio companies with help from a multitude of state technology partners. Other key elements of the plan include growing Maryland’s Technology Incubator Network, exponentially increasing development funds for life science facilities and expanding and improving Maryland’s Biotech Investment Tax Credit.
“The Greater Baltimore Committee salutes Governor O’Malley’s bold plan to position Maryland as the nation's leader in the bioscience industry, said Don Fry, President of the Greater Baltimore Committee. “More than six years ago, the GBC identified this industry as having the potential to transform Maryland’s economy. We have been working ever since to help bioscience in Maryland thrive. This week's announcement from the Governor is truly a bonanza. It shows the kind of leadership and vision that ultimately will separate the states that win in this highly competitive industry from those that don't. The Governor’s leadership demonstrates his commitment to ensure Maryland’s success.”
“The Milken Index ranking clearly shows what countless business leaders already know - Maryland is a leader in technology and biotechnology, said Julie Coons, Chief Executive Officer of the Tech Council of Maryland. “Maryland’s well-trained and educated workforce, collaboration among public and private entities, higher education preeminence and amazing entrepreneurial spirit has not only paid off today but will continue to provide dividends in the future for all Marylanders.”
The Milken Institute’s 2008 State Technology and Science Index provides updated measurements of the technology and science assets for all 50 states, and ranks states on their ability to foster and sustain a technology sector, which the Institute’s research has shown is a crucial factor in determining a region's future economic success. Maryland’s ranking jumped from 4th in 2004, the last time the study was conducted.
“Patient advocates like myself greatly appreciate the leadership of Governor O’Malley to help move Maryland to the top of the list in stem cell research and biotech. More than just economic development, this type of investment helps keep our doctors and researchers closer to patients. Marylanders living with deadly diseases and grave injuries benefit significantly from clinical trials and experimental research. As one of these ‘walking miracles,’ I truly appreciate a governor who invests in our state’s research community,” said John L. Kellermann, board president of Maryland Families for Stem Cell Research.
“States that have a vision and a plan for building and retaining high-wage jobs and viable industries are finding ways to invest in their science and technology assets,” said Ross DeVol, Director of Regional Economics at the Milken Institute. “The changes in this year’s Index give a good measure of who is ahead in the increasing competition for scarce human capital and other resources needed for a successful industry.”
The Milken Index is one of the most comprehensive examinations of state technology and science assets ever undertaken. The states are ranked on dozens of measurements – from higher education to access to venture capital – in five categories: research and development, risk capital and entrepreneurial infrastructure; human capital investment, technology and science workforce, and technology concentration and dynamism. The Index was developed to provide a new gauge of economic performance and opportunity in an age when a state’s most important economic assets have shifted from tangible, physical products to intangible, intellectual resources.
According to the 2008 Index, the top five states were: Massachusetts, Maryland, Colorado, California, and Washington. The State Technology and Science Index looks at 77 unique indicators that are categorized into five major components: Research and Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Human Capital Investment, Technology and Science Work Force, and Technology Concentration and Dynamism.
The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It is based in Santa Monica, CA. (www.milkeninstitute.org).