The Maryland Tech Council, the largest technology and life sciences trade association in the state, today announced it has received $2.45 million in federal funding to accelerate innovation in Maryland. The community project funding is included in the fiscal year 2022 omnibus appropriations bill and made possible by the leadership of Senator Chris Van Hollen (MD), chair of the Senate Appropriations Financial Services and General Government subcommittee.
Funding will be used to expand BioHub Maryland, a first of its kind initiative in Maryland to strengthen life sciences workforce development, increase small businesses access to international capital, support technology transfer and increase startups’ access to flexible laboratory space.
“The Maryland Tech Council plays an important role in growing our innovation economy and supporting a pipeline of talent for that work. These funds to support their BioHub Maryland initiative will help further drive our state’s leadership in life sciences and tech, strengthen our workforce, and grow our small business base. That’s why I fought to secure this funding and will continue working to bring resources to our state that strengthen Maryland’s economy today and bolster the new opportunities of tomorrow,” said Senator Van Hollen.
“This extraordinary opportunity will advance our plan to make Maryland the nation’s premiere destination of choice for life science and tech innovators,” said Marty Rosendale, CEO of the Maryland Tech Council. “This funding will be transformational for our community as we seek to strengthen our talent pipeline and entrepreneurial ecosystem. I thank Senator Van Hollen for his steadfast support of the companies that are saving lives and improving quality of life through innovation.”
“Maryland boasts one of the world’s strongest cultures for life sciences innovation and discovery,” said Brad L. Stewart, Chair of the Maryland Tech Council’s life sciences division, Maryland Life Sciences. “This funding—and Senator Van Hollen’s long standing support—enable us to maintain our global leadership and help life science innovators reach their full potential here in Maryland.”
A recent Milken Institute report concluded that Maryland boasts, “one of the nation’s strongest life sciences industries,” contributing more than 54,000 high paying jobs in the state with over 2,700 life science firms and more than 500 biotech firms. Maryland is the cornerstone of the BioHealth Capital Region—a regional collaboration with Virginia and Washington, DC—which ranked No. 4 in the top biopharma clusters in the nation in 2021.
Maryland is also home to more than 12,000 technology companies and 1,200 cybersecurity companies, as well as critical cyber-related federal agencies. The state ranks second in the nation for overall STEM job concentration.