Destination 2025: Creating Life Science Jobs, Industry in Minnesota
New Roadmap Outlines Future of Minnesota Life Science Industry and Offers Recommendations for Success of Six Life Science Markets in the Global Economy
St. Louis Park, Minn. (Jan 29, 2009) – The BioBusiness Alliance of Minnesota (BioBusiness Alliance) and Deloitte Consulting LLP (Deloitte) today released findings from Destination 2025, a roadmap for growth of six life science markets: medical devices, biologics and biopharmaceuticals, animal health, food, renewable energy and renewable materials.
To this point, our efforts with Deloitte have been to understand the global evolution of the industry and make it relevant to Minnesota,” said Dale Wahlstrom, CEO of BioBusiness Alliance. “We believe the roadmap is a first step in aligning all three sectors – industry, government and academia – to recatalyze the growth of our life science industry.”
The report findings and recommendations reflect the global views of each life science industry, identify opportunities and challenges, and provide direction for the evolution of Minnesota’s public policy, academic investments and infrastructure. The goal is to complement and inform existing efforts to align the state’s resources, promote efficiency and improve the state’s success in creating jobs in the “age of biology.”
The fourteen short and long-term recommendations – including goals and action items – range from policy creation to improving operational efficiencies. Sample recommendations include:
- Develop a healthy biologics and biopharmaceutical industry in Minnesota as a strategic building block of our economic future. This industry is the source of new knowledge that is helping to shape the medical healthcare industries and create jobs of the future.
- Establish policies and incentives that encourage industry to manufacture products from renewable materials, such as plastics derived from plants.
- Establish a complete portfolio of financial policies and strategies that support all aspects of business development, from early-stage funding to ongoing R&D tax credits, encouraging private-sector investment and commitment to grow industries and jobs in Minnesota.
“The life science community is very important to Minnesota, and Deloitte is pleased to participate in this effort with the BioBusiness Alliance,” said Steve Dahl, who led the project for Deloitte. “Destination 2025 is a proactive approach to further developing an industry, businesses and jobs, and is a true collaboration between public sector, academia and the private sector. It is unique in looking across these three dimensions while also looking at the convergence areas across the six identified markets to pinpoint strategies for developing this community in Minnesota for the future.”
The documents are available at www.biobusinessalliance.org and www.deloitte.com/us/d2025.
This project was supported by the generosity of the following sponsors:
Fredrikson & Byron, P.A., Mayo Clinic, Medtronic Foundation, Minnesota Corn Growers Association, University of Minnesota. Risdall Marketing Group, LLC, LifeScience Alley, Boston Scientific Corporation, Fish & Richardson P.C., University of Minnesota, College of Biological Sciences, Halleland Lewis Nilan & Johnson, P.A., Rochester Area Economic Development, Inc., Xcel Energy, Earthtech Energy, Emerson Consultants, Inc., Heartland Alliances, LLC, The Integra Group, Minnesota Department of Agriculture, Minnesota Precision Manufacturing Association, Opus School of Business, University of St. Thomas, PaR Systems, Inc., RCRI, Inc., Tower Investments, LLC., Partners & Hunt Creative Group.
About The BioBusiness Alliance of Minnesota
The BioBusiness Alliance of Minnesota is an industry-led, action-based 501(c) (3) not-for-profit organization dedicated to the advancement of bioscience-related industries to create jobs for the citizens of Minnesota. The charter of the BioBusiness Alliance is to bring together all related areas of the biosciences in a coordinated effort to ensure the long-term health and success of Minnesota’s bioscience industry.
Destination 2025 is a statewide, collaborative project to develop a 20-year strategic plan and roadmap to help give clarity to the nature and timing of investments needed to ensure Minnesota’s sustainable long-term competitive position in the industry. The process began in early 2007 and is funded by a broad stakeholder group through grants, donations and sponsorships.
About Deloitte
As used in this document, “Deloitte” means Deloitte Consulting LLP and Deloitte Services LP, separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Deloitte LLP provides audit, tax, consulting and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in 140 countries, Deloitte LLP brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Our 165,000 professionals are committed to becoming the standard of excellence.
Joel Swanson, APR
Risdall McKinney PR
651-286-6774
jswanson@risdall.com
Melissa Kjolsing
BioBusiness Alliance of Minnesota
952-746-3844
mkjolsing@biobusinessalliance.org
Clay Perschall
Deloitte
312-486-5895
cperschall@deloitte.com
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