SCHUMER ANNOUNCES MAJOR PUSH TO CREATE NEW HUDSON VALLEY HIGH TECH TRAINING CENTER AT NY MEDICAL COLLEGE - HV BIOTECH COMPANIES CREATE THOUSANDS OF JOBS BUT PRESENTLY MUST SEND WORKERS OUT OF STATE FOR TRAINING AT GREAT COST
Regeneron, Pfizer & Over 80 Other HV Biotech Companies Have Formed Consortium To Create A Training Center That Would Cement Hudson Valley's Place As Leader In Biotech Industry & Create Even More Jobs
To Help Get Training Center Up And Running, Schumer Is Seeking Funding From The Economic Development Administration To Renovate, Furnish, & Equip High-Tech Training Center
Schumer: This Center Will Funnel Workers Into High-Paying Biotech Jobs
Yesterday, U.S. Senator Charles E. Schumer announced his effort to secure federal funding to help create a BioHud Valley Training Center at the New York Medical College (NYMC). Eighty-three biotechnology companies from across the Hudson Valley have formed a consortium to create the training center that will help local biotechnology firms train their workers in state instead of sending them out of state at higher cost to the company, and costing New York valuable revenue. The center will also help retrain unemployed workers in biotechnology, so that these individuals can find jobs in the blossoming biotech industry. In order to renovate, furnish, and equip the roughly 2,300 square foot training center at the NYMC, the Hudson Valley Economic Development Corporation is attempting to secure $750,000 from the Economic Development Administration. Senator Schumer today announced his support for the HVEDC application that will bolster the Hudson Valley's standing as one of the country's growing biotechnology hubs. BioTech companies from throughout the Hudson Valley can use this space to train new employees for a specific field, provide management level courses and technical training as well as help unemployed residents of the Hudson Valley learn new skills to transition into a new career or work place. HVEDC and NYMC will partner to create industry specific classes and programs to offer companies the exact training they need, which will be a valuable tool in retaining current companies and attracting new companies to the Hudson Valley.
"This EDA investment would be a terrific boost for the plan to establish a BioHud Valley Training Center at the New York Medical College, which has enormous potential to redefine the Hudson Valley and establish it as a hub for biotechnology," said Schumer. "As the biotechnology industry rapidly expands in future years, this investment will increase the number of individuals trained in biotechnology sector right here in the Empire State, and would provide a critical boost to economic development across the region, bringing jobs, business and economic opportunity to the entire region. These dollars are needed to renovate, furnish, and equip this state-of-the-art training center, and I will fight to ensure that the EDA approves this grant."
"NY Biohud Valley has quickly become the epicenter of the biotech industry in New York," said Mike Oates, President of the Hudson Valley Economic Development Corporation. "In just the past year we have seen explosive growth with the expansion of Regeneron and Acorda; the attraction of Life Medical Technologies and ContraFect; and the huge investment by BioMed Realty in the region. The 80 plus biotech companies in the region have told us that they have a need for a state-of-the-art training facility to help train their workforce. We are thrilled to partner with New York Medical College to house our training facility inside their planned biotech incubator facility. Senator Schumer's commitment and support of this important industry cluster had been outstanding. We are thrilled that he has joined our efforts to secure the necessary funding to have this training facility become a reality. From the beginning Senator Schumer has understood the need to support this industry which creates high quality jobs."
The Hudson Valley Economic Development Corporation has applied for a $750,000 Economic Development Administration grant to create a new Hudson Valley high tech training center. The application has now been designated as "highly competitive", and Schumer is driving a full court press to ensure that Hudson Valley receives this critical EDA grant. With the EDA investment, the HVEDC will lease 2,333 square feet of space in the NY Medical College facility to create a training center that will focus on training and certification for small biotechnology firms, and will compliment the NY Medical College's large scale plan to renovate this facility and develop a biotech incubator.
Schumer was joined by Mike Oates, President and CEO of the Hudson Valley Economic Development Corporation, Dr. Robert Amler, Dean of the New York Medical College, Peter Dworkin of Rengeron, Steven Mentzer of Pfizer, Carol Fitzgerald, President and CEO of Life Medical Technologies Inc., Westchester Community College and executives from various BioTech Companies in the Hudson Valley, as he noted several specific uses for the EDA Economic Adjustment Assistance Grant, if it is approved. The BioHud Valley Training Center will be created by the HVEDC and a consortium of 83 participating biotechnology firms, such as Regeneron and Pfizer, and will help retrain unemployed workers in biotechnology, so that these individuals can find jobs in the blossoming biotech industry. In addition to this training, the Center would provide an economic boost in the Hudson Valley, as it would allow local biotech firms to train employees in New York, keeping that money and economic opportunity here, rather than sending it out of state.
New York Medical College, a NY BioHud Valley founding partner and the property owner, will renovate and lease this space to the training facility, and once renovations are completed, the HVEDC will subcontract with the Westchester Community College's Professional Development Center to operate, administer, market and oversee the facility. The facility will be modeled after RIT's Center for Bioscience, Education and Technology, which serves as Western New York's hub for customized corporate training and professional development. The New York Medical College plans to develop a small business biotechnology-based incubator that will assist in the establishment and growth of biotech, biomedical and related firms with a need for laboratory space, which will be supplied within the structure. The HVEDC's proposed training center will compliment this effort by providing focused training and certification for small firms.
Schumer stressed the importance of establishing a foundation for the biotech industry in the Hudson Valley through the HVEDC's proposed training center. Over the next 10 years, the biotechnology industry is expected to grow at twice the rate of other industries. According to a recent report, the jobs multiplier for cutting edge biotech firms is 9.2, which means that for every job at these firms, nearly 10 additional jobs are supported. According to the United States Department of Labor, the biotech industry is experiencing such rapid growth that firms demand more skilled workers than are available. The Hudson Valley has many attributes that are conducive to biotech expansion, including substantial existing infrastructure, excellent real estate opportunities, ready access to venture capital, an educated work force, and quick access to scientific and entrepreneurial talent.
The Hudson Valley Economic Development Corporation is in an ideal position to implement and oversea the NY BioHud Valley Training Facility, as it has established collaborative relationships with all of the involved parties, including the NY Medical College, Westchester Community College's Professional Development Center, as well as local leaders. HVEDC has developed a shared vision with these entities to establish a foundation for the biotechnology industry in the Hudson Valley, which has resulted in a focused industrial cluster that is striving succeed in this mission, and help foster new business growth and private sector participation.
Schumer noted that the HVEDC has already received the "highly competitive" designation, and a final EDA decision is expected by end of next week. Schumer is pushing hard for the EDA to accept this application. Schumer also points out that the HV Economic Development Corporation's project fits squarely with the Economic Development Administration's mission. The EDA's Economic Adjustment Assistance Program intends to provide a wide range of technical, planning, and public works and infrastructure assistance, such as strategy development, infrastructure construction, and revolving loan fund capitalization. This program is designed to respond flexibly to pressing economic recovery issues and is well suited to help address challenges faced by U.S. communities and regions.