Florida’s Biotech Subsidies Are Facing Some Issues

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Back in October of 2003, governor Jeb Bush of Florida unmasked a $500 million spending plan to bring San Diego-based Scripps Research Institute to Palm Beach County as a starting point for a statewide biotech location that would create 50,000 jobs in just a decade and a half.

Florida has spent $1.3 billion in state, county, and city subsidies to the biotech industry, in reference to Reuters, in attempt to shift the biotech to Florida.

Two other San Diego biomedical research centers opened branches in Florida: Sanford-Burnham Medical Research Institute located in Orlando and Torrey Pines Institute for Molecular Studies in Port St. Lucie. As of May 2011, the subsidies were costing Florida $1 million per job created at Scripps and Sanford-Burnham and slightly below that at Torrey Pines.

In reference to Washington, DC’s Good Jobs First, a think tank fighting against corporate welfare, Scripps is still Florida’s biggest recipient of subsidies for various of enterprises, with Sanford Burnham third and Torrey Pines comes in at eight

Jeb Bush’s thought was that rising biotech companies would grow out of research facilities and attracted ancillary business retailers, medical centers, law firms.

Currently Jeb Bush is running for president and his resting his presidential movement on his economic record within Florida “We made Florida number one in job creation and number one in small business creation — 1.3 million new jobs, 4.4 percent growth, higher family income,” he boasts.

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