More financial investment by the state and access to early-stage capital is needed to continue growing Louisiana’s life sciences entrepreneurial sector, according to a new report released today.
The 2016 Life Sciences Survey, released by law firm Baker Donelson and LouisianaBIO, finds more pitch competitions that put fledgling companies and eager investors in the same room are needed, as are state funding for research and development tax credit programs, and an online inventory of mentors in specialty fields is needed to continue to grow the sector.
“The importance of life science companies for the state’s economy and for society cannot be overstated,” the report reads. “Through cutting-edge innovation, Louisiana’s life sciences industry is improving the quality of life as well as diversifying the state’s economy.”
LouisianaBIO and Baker Donelson surveyed more than 75 biotechnology professionals across Louisiana in industry, academic and venture capital firms for the report.
The life sciences sector has grown by leaps and bounds in the past few years, spurred by investment groups like the New Orleans BioFund and the Louisiana Fund I that have both invested in a combined nearly 30 startups since 2012, the report says.
Respondents also had several other ideas to grow Louisiana’s life sciences sector. One respondent who was not named says the state needs more direct flights to major science hubs and events in Louisiana to bring investors from those hubs to see the work being done here.
Another respondent says the lack of qualified research technicians and management-level executives to lead companies is one hindrance to startups in the state.
LouisianaBIO is a trade organization dedicated to growing Louisiana’s biotechnology sector and is the Louisiana affiliate of the Biotechnology Industry Association. Baker Donelson is the country’s 64th largest law firm and focuses on more than 30 areas of practice, including life sciences and emerging companies.
