Today, Governor Andrew Cuomo announced that New York will invest $50 million in state of the art biomedical research equipment and facilities, and has secured an agreement from a private company, Albany Molecular Research Inc. (AMRI), to locate on the Buffalo Niagara Medical Campus a new drug discovery research and development center. This investment, $35 million of which will go towards new equipment and $15 million of which will go towards improving existing lab space, will leverage $200 million in private investments and create 250 jobs. More details on this development as well as the Buffalo Billion Investment Development Plan can be found here. http://www.governor.ny.gov/press/12042012-buffalo-billion-investment-plan.
Wondering how this investment model really works? Fahreed Zakaria from CNN’s “Global Lessons: Putting America to Work” recently highlighted how this model was successful in Albany, where New York State invested in core infrastructure and equipment as an incentive to attract private sector companies. Watch the video here – http://www.cnse.albany.edu/Files/Downloads/Video%20Clips/CNNGlobalCrisp6.mov.
Read coverage about the announcement below: