New York's Stem Cell Program Yielding Medical Innovation and Economic Development

NEW YORK, NY (01/12/2011)(readMedia)-- The Associated Medical Schools of New York (AMSNY) today released an analysis showing that funding to New York's stem cell program has positioned New York as a leader in stem cell research, and bolstered the state's economy.

Since the beginning of 2008, New York has awarded nearly $223 million to support stem cell research for the purpose of exploring innovative cures and treatment to life threatening and chronic illnesses. In addition to supporting ground-breaking stem cell research projects, the state's investment has been a tool for economic development by creating hundreds of jobs in the first two years of the program, and is attracting world-renowned researchers and scientists to New York.

In his State of the State address, Governor Andrew Cuomo prioritized the need to "assist (higher educational) institutions in transforming their research into meaningful economic activity." New York's stem cell program exemplifies the type of partnership between academia, research and economic development suggested by the Governor. Continued funding of the program is critical to ongoing medical innovation, economic growth and success.

"New York's stem cell research initiative is a perfect example of a program that is accomplishing just what Governor Cuomo outlined in his Jan. 5 address – how New York State must leverage the power and expertise of its research institutions and employ them to help rebuild the state's economy," said AMSNY President and Chief Executive Officer Jo Wiederhorn. "This is exactly what New York's stem cell research initiative is doing and must continue to do. The infusion of state funds for stem cell research has been a catalyst, drawing down additional federal funding, and supporting economic development statewide."

AMSNY's analysis shows that more than 300 jobs have been created in just over two years as a result of New York stem cell research funds. In upstate alone, approximately $36 million in funding has been awarded – creating more than 100 jobs. Likewise, in the New York metropolitan area, more than $123 million in funding has been awarded to date and approximately 190 jobs have been created and/or maintained. Moreover, this "seed" funding for stem cell research has had a multiplier effect, leading to the creation of hundreds of additional jobs in a variety of industries ranging from construction, to ancillary medical research, to service vendors.

"New York's stem cell program is a critical component contributing to rebuilding the state's economy and has generated much needed jobs across New York," said Ms. Wiederhorn. "Across the state, medical schools and research institutions have been renovating laboratories and building state-of-the-art stem cell centers – spurring economic development and fostering medical innovation.

"In addition, award winning scientists and medical professionals from around the world are coming to New York because they are able to conduct cutting-edge research. Research that could one day be used to replace or repair damaged cells and have the potential to drastically change the treatment of conditions like Alzheimer's disease, ALS (Lou Gehrig's disease), burns, cancers, spinal cord injury, Parkinson's disease, and juvenile diabetes, to name a few. New York has a tremendous opportunity; we must take advantage of it."

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The Associated Medical Schools of New York (AMSNY) is a consortium of the 16 public and private medical schools throughout New York State. The AMSNY mission is to support quality health care in New York State through the continual strengthening of medical education, medical care, and medical research. The combined total of New York's medical schools economic impact equals more than $85.6 billion. This means $1 in every $13 in the New York economy is related to AMSNY medical schools and their primary hospital affiliates. For more information on AMSNY, please visit www.amsny.org.

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Posted Wednesday January 12, 2011 at 01:32 pm by Associated Medical Schools of New York
Last Updated Wednesday January 12, 2011 at 01:28 pm