In 2005 the founders of the Hudson-Alpha Institute for Biotechnology announced they would build their research campus in Huntsville and North Alabama. The mission of the Institute will be for researchers to collaborate with local companies to speed the delivery of new life altering medicines and technologies to market. Several companies will collocate with the Institute focusing primarily on biotechnology tools. When it opens in the fall of 2007 the Institute is expected to employ up to 900 people.
The Hudson-Alpha Institute for Biotechnology is one critical advantage for Life Science companies interested in locating in North Alabama. Other critical advantages include:
- Strong University Support: Local universities and community colleges offer undergraduate and graduate level degrees in biotechnology. The University of Alabama in Huntsville offers resources to companies through its association with the Alabama Structural Biology Consortium. Also, lab space is available at BizTech, a technology oriented business incubator.
- Skilled Workforce: 1 out of every 12 residents in the Huntsville area is a scientist, engineer, or technologist.
- A Cluster of Life Science Firms: There are already more than 12 firms doing life science work in North Alabama. Combined they employ more than 1,000 people in the fields of pharmaceutical manufacturing, biotechnology research, diagnostics, and medical device production. The Partnership for Biotechnology Research is a non-profit industry group connecting the local biotech community.
- Available Venture Capital: Private investment contributed $80 million to the Hudson-Alpha Institute. The Southeastern Technology Fund founded in Huntsville totals $115 million in capital and seven other venture capital firms operate in Alabama providing more than $400 million for biotech investment.
- Low Cost of Doing Business: The cost of living in North Alabama is more than 10% less than the national average. Class A office space costs are less than half that in Boston or San Diego.
- Quality Education System: North Alabama schools regularly exceed the national average for standardized test scores. Also, the Hudson-Alpha Institute for Biotechnology will be providing long distance learning to area schools to educate and inspire a future workforce.
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Resources:
The Huntsville R&D Report
Links:
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Barton Riverfront Industrial Park, 785 acres
