The Biotech Buffalo Hunt

Here is a biotech story to make all of us think.

Florida officials have been courting the Scripps Research Institute for some time to augment the state's biotechnology resource base. It's a nice trophy and there are lots of good things that will go with it. The question is: "how much is it worth?" Time will tell.

Other states and metro areas nationally have also been infected with the same fever, which often makes them see visions of high-paying jobs and dramatic impacts on economic development - not to mention revolutionary advances in health care and agriculture. And the cure, as some experts point out, may come only after sufferers have wasted years and millions in taxpayer dollars chasing after a mirage. For everyone's sake, let's hope that is not the case.

That's the skeptic's view of the economic development community's obsession with biotechnology. Seven years ago, just 14 states had targeted biotech as a way to grow their economies. Today, 41 states are chasing the business. It is true that not everybody can win, or at least win big. Read more on the Florida situation here.

What is my view? Biotech (life sciences) is the future. Economic developers should be paying more attention to biotech's future growth potential. After all, we will be relying less on the automotive sector in the future. I think the real question for any area entering the biotech race is to be realistic about outcomes and timeframes, and be careful what you spend the public's money on. We should avoid the obvious stupid things, like giving away the farm to some company promising heaven. It won't happen.

Watch where the private sector's money goes. Invest in that direction. And yes, there are times when you will need to break from the herd and invest in some "out there" ideas. After all, Bill Gates was considered "out there" in the 70s when he was looking for New Mexico's help.