The following BioBiz posting was published in the Commercial Appeal as a guest column on May 13, 2009.
Financial and economic optimism are hard to come by these days. Everyone is asking: When will the bleeding stop and what can possibly bring about a turnaround?
Perhaps a better question is: Who creates jobs?
Every day, the news is filled with stories about the uses of Federal dollars to stimulate the economy on a local and national scale. The argument, as it should be, usually centers around what is a good investment and what is a complete waste of dollars. Following some of the stories borders on the absurd; AIG and multi-million dollar bonuses being paid, for example. Others run more along political criticisms, such as the recent editorial criticizing Senator Bob Corker for both lambasting the federal appropriations bill as “pork-filled” and at the same time having his own earmark for Memphis Bioworks in that very bill. I responded to that editorial because I felt it was an unfair criticism. That response is reprinted below:
We are all quickly becoming desensitized to the continuous flow of bad news about the economy and how it is causing closings, cutbacks and financial strain. I would even wager that many of us have even thought “I’m glad it wasn’t me” when news of another cut or layoff comes. That’s all a part of the defense mechanism that makes us humans so resilient.
On December 21 of last year, the “Commercial Appeal” ran a feature story titled The Great Migration: Taxpayers Pouring Out of Shelby County . I have been thinking about that story ever since it ran. Yes, Memphis has had a problem in recent years of losing more wage earners than it attracts, and of seeing higher wage jobs being “replaced” with lower wage jobs. Those are facts that can’t be disputed. What can be disputed is the fatalistic feeling that many have after reading such articles.
How often is it that a building is as influential when it turns 50 as it was when it first opened its doors? The building at 20 S. Dudley is a vital part of the Memphis bioscience community and it has been since it was completed 50 years ago.
Five years ago, I helped open Memphis Academy of Science and Engineering (MASE), Tennessee’s first Charter School. The goal was simple: Create the best math and science preparatory school in the state to help drive economic growth of the downtown medical center. We are well on our way to achieving this. This year, MASE will graduate its first senior class. The entire 68-student senior class is on track to graduate on time.
I have said, many times, that buildings are important. Scientists need facilities to do their work. However, I’ve also said this: Buildings need scientists more than scientists need buildings.
Anyone driving down Union or Madison Avenues in the Memphis Medical District can’t help but notice the activity on the UT-Baptist Research Park site. Infrastructure is being developed, foundations are being poured and buildings are rising. The first two buildings under construction are the UT Health Science Center (UTHSC) College of Pharmacy and the Regional Biocontainment Laboratory (RBL). One of only 13 RBLs funded by National Institutes of Allergy and Infectious Disease, the UTHSC RBL will be focused on research to develop new drugs, vaccines and diagnostics to protect the general population from infectious diseases and bioterrorism. The new College of Pharmacy building will give the research campus a state-of-the-art building to provide educational and laboratory space for researchers to generate discoveries that lead to patents with commercial potential. The College of Pharmacy is at the forefront in the development of patents for the UTHSC.
This month, Memphis Bioworks Foundation announced the creation of a dedicated AgBio initiative for our region. This three state initiative will include north Mississippi, east Arkansas and west Tennessee, with Memphis as its economic hub and uniquely positions Memphis to become a world leader in AgBio research, discovery, business development, crop advancement and economic growth.
Last week, Memphis got another step closer to becoming a national center of excellence in the biosciences. Innova Memphis Inc, the early-stage investment fund created by Memphis Bioworks Foundation, made its first investment. After months of diligently going through proposals from startup companies in a variety of areas, Innova chose to invest in arGentis Pharmaceuticals LLC, a specialty pharmaceutical company based here in Memphis.
