Health and Life Sciences

Overview

The health and life sciences sector is growing so quickly in Rhode Island that the Milken Institute predicts that activity in the sector will triple by 2014. The analysts attribute Rhode Island’s success to three key factors: location, resources and talent.

Rhode Island is home to a diverse and collaborative peer cluster of life science institutions and companies, including companies in drug manufacturing, basic research, biomedical devices, cell line development, bio-nanotechnology, biomedical textiles and facility development.

Bi-Partisan Support for Health and Life Sciences: The Rhode Island Science and Technology Advisory Council

The Rhode Island Science and Technology Advisory Council (STAC) promotes Rhode Island’s academic and commercial research institutions, entrepreneurship and new company creation, and programs that enable innovation across the public and private sectors. In 2007, STAC launched a collaborative research award program that annually provides $1.5 million in research funding. STAC also launched an effort to strengthen research at the University of Rhode Island, and introduced a new tax credit that rewards entrepreneurs and investors supporting Rhode Island-based innovation companies.

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Why Rhode Island?

RIEDC offers health and life sciences companies access to a portfolio of R&D tax credits, financing programs and support services including:

  • R&D expense tax credits of up to 22.5 percent — the highest rate in the United States.
  • 10 percent tax credit on new R&D facilities and equipment
  • R&D sales tax exemptions
  • Innovation investment tax credits up to 50 percent
  • 15-year high performance manufacturing investment tax credit of up to 10 percent
  • Apportionment exclusion for pharmaceutical manufacturers
  • The Slater Technology Fund annually invests $3 million in seed funding for local technology-based ventures and provides the industry knowledge and network of strategic partnerships to enable a company to seek additional investment
  • Access to expansion financing, low-interest loans
  • Assistance with identifying, and in some cases creating, customized workforce development programs
  • Site selection assistance and guidance on permitting and regulatory issues
  • Comprehensive export assistance programs for companies looking to tap into global markets


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