Where Science Comes to Life: University Bioscience, Commercial Spin-offs, and Regional Economic Development

Biotechnology, rather than being defined as a distinct industry like steelmaking or shipbuilding, is instead a scientific knowledge base—a rapidly evolving technology—that has economically valuable applications in such diverse industries as pharmaceuticals, medical diagnostics, agriculture, bioenvironmental remediation, and chemical processing. Biotechnology has captured the imagination of ambitious scientific investigators and investors seeking high rates of return, as well as state economic development officials who hope to anchor the industry in their locality and reap the industry's economic and employment rewards. Biotech is still at an early stage of its development, and there are many competing hypotheses about its future development. Most importantly, biotechnology involves the commercialization of science resources in which the federal and state governments have made substantial investment. One key question is how to leverage this investment for future economic growth. This article explores the policy issue related to the commercialization of biotechnology, its role as an engine of economic development, and the appropriate public policy response.