Dropping a cool billion dollars on the biotech industry is not a new idea, though Gov. Deval Patrick, Senate President Therese Murray and House Speaker Sal DiMasi all think it is one that demonstrates leadership and promotes competitiveness.There are some very good things in the governor’s proposal - most notably funding to promote basic research. Basic research attracts the brains that make Massachusetts a leader in biotech, medical devices and related industries, and companies don’t often focus on it, preferring product application-related research.
Other elements of the package - establishing a stem cell bank, investments in lab equipment and tax breaks for the biotech industry - are not a wise use of public dollars...
We all want to attract and grow biotech companies. But why focus solely on biotech, which employs 30,000 people statewide, over other industries? Why not focus on financial services, which employs 180,000, or precision plastics, a large employer in Worcester and Springfield?
Even better, why not focus on the small business sector as a whole, which creates many times more jobs than biotech. Those jobs start people up the economic ladder - and stay in Massachusetts.
UPDATE: More from the Globe.