Hudson Valley Economic Development Corporation Launches Biotech Initiative

NEW WINDSOR, NY (April 14, 2010) – A new initiative to ensure that the Hudson Valley's life science cluster continues to develop and flourish in the region was launched last week by the Hudson Valley Economic Development Corporation (HVEDC).  The public-private partnership, together with Westchester County's Office of Economic Development , Rockland County Economic Development Corporation and Senator Gillibrand’s office, sponsored a roundtable discussion on April 8 at New York Medical College that was attended by executives from more than a dozen biotechnology and pharmaceutical companies, as well as numerous government officials.

The Hudson Valley has a well-established life science cluster with some of the biggest names in biotechnology and pharmaceuticals,” said Mike Oates, President and CEO of HVEDC.  “The industry is critical to the regional economy and to the future of New York State.  Together, we will work to ensure that this cluster gets the support and attention it requires to grow.” 

Rockland County Executive C. Scott Vanderhoef noted, "Emerging sectors like biotechnology generate new businesses and jobs that are integral to our economy and future high-tech job growth in our region. I look forward to working together with my colleagues in the region to assist and advance this important cluster."

"We have a rapidly expanding biotech cluster in the region, but creating a sustainable level of growth – generating new jobs, additional revenues, etc. – will require additional help to advance this process," stated Westchester County Executive Robert Astorino. "This roundtable discussion was the beginning of the discussion, not the end, and we look forward to working with all of the participants in building a world-class biotech cluster."

Among the companies represented at the biotechnology roundtable were Pfizer, OSI Pharmaceuticals, Regeneron Pharmaceuticals, IBM, Acorda Therapeutics, Progenics, Silarx Pharmaceuticals, Chartwell Pharmaceuticals, PsychoGenics, TechnoVax, GenomeWeb and BioMed Realty Trust.  Also attending the event were representatives from Empire State Development Corporation,  the NYS Department of Labor, Westchester County's Office of Economic Development and Department of Planning, Rockland County's Director of Government Affairs, Con Edison and Orange and Rockland Utilities. Westchester County Executive Rob Astorino greeted the attendees.

HVEDC – which markets a 7-county region as a prime location of business and serves as an advocate the region in Albany – also launched a high-tech marketing campaign last week that includes significant outreach to the biotechnology/pharmaceutical cluster.  The campaign targets nearly 300 companies around the world that may be considering a relocation or expansion.  In addition, HVEDC representatives will be attending BIO 2010, an international trade show in Chicago next month that attracts top biotechnology companies.

More than 60 biotechnology and pharmaceutical companies are now located in the Hudson Valley, attracted by close proximity to world-class research institutes, a highly educated workforce and competitive real estate costs compared to New York City, Boston, San Diego and other urban biotechnology hubs.

Pfizer, the largest pharmaceutical company in the world, announced late last year that Pearl River in Rockland County would be the location of one of Pfizer’s five global research and development facilities.  Since last summer, Regeneron Pharmaceuticals moved into new headquarters and announced a major expansion at the Landmark at Eastview in Tarrytown, while OSI Pharmaceuticals acquired a life science campus in Ardsley to relocate its headquarters and consolidate all U.S. operations.  Those two Westchester County announcements alone represent more than $67 million in capital investment in the region and the creation of 700 new high-paying jobs.

HVEDC represents seven counties in the Hudson Valley: Westchester, Rockland, Orange, Dutchess, Sullivan, Ulster and Putnam Counties.  The public-private partnership markets the region as one of the world’s prime business location to corporate executives, site selection consultants and real estate brokers.  In addition, HVEDC’s mission includes aggressive advocacy in Albany to secure state support for economic development projects in the Hudson Valley.

For more information on the Hudson Valley Economic Development Corporation, visit www.hvedc.com or call 845-220-2244.