NASHVILLE, Tenn. – Life Science Tennessee (LifeSciTN), which represents a vast array of companies, institutions and enterprises engaged in life sciences throughout the state, today issued a set of recommendations its members believe will boost commercialization of technology and innovation from research institutions in Tennessee.

The LifeSciTN report is aimed at maximizing the enormous potential of health innovation and economic impact of Tennessee’s life sciences sector, and includes a leading recommendation for coordination by the State of Tennessee, private and public universities and research organizations to establish an environment that removes many current inhibitions to stronger innovation and commercialization performance. 

The organization’s Economic Development and Entrepreneurship Development Subcommittee identified seven primary “barriers” that impede commercialization and drafted top-line strategic recommendations that can propel Tennessee forward in a range of industry sectors that comprise the life sciences industry.  These include biotechnology, pharmaceuticals, medical devices, diagnostics, agricultural biosciences, research and educational institutions, clinical research organizations and other related activities.

“According to a recent Kauffman study, Tennessee is in the top 10 of states to receive federal funding for research and in the bottom 10 to create jobs based on those funds,” said Joe Cook, Jr., chairman of Life Science Tennessee.  “The time is now to reverse this trend and become more focused on our research institutions for the job-creation potential that they possess.”

The recommendations were announced at LifeSciTN’s annual meeting in Nashville, Nov. 4. 

Leading recommendations in the report include:

·         Increase access to capital for early-stage innovation activities.

·         Improve commercialization practices at Tennessee’s research institutions.

·         Strengthen the collaboration between Tennessee’s researchers and entrepreneurs.

·         Continue and expand the current paths that encourage entrepreneurship.

·         Strengthen partnerships and collaborations between industry and academia.

·         Foster incentive programs and expand incubators to support existing small business activity.

·         Focus recruitment efforts on the life sciences industry, as well as emerging and mid-sized business.

“In developing a road map for expanding innovation and commercialization, Life Science Tennessee brought together many of this state’s brightest, most accomplished life science sector professionals, including entrepreneurs, investors, industry and technology transfer staff, who share the belief that technology transfer can be done better by solving challenges to our current system,” said Tom Ballard, Director of Partnerships, Oak Ridge National Laboratory and board member of Life Science Tennessee.

Said Cook, “We are pleased that State government is focused on the potential for increased job creation through the research done in Tennessee and we look forward to working with the legislature and the administration to advance these initiatives.”

“The life science sector has amazing assets across the state and is one of Tennessee’s most powerful industries,” said Cook.  “As big as this industry is in Tennessee, it can be better, more powerful and more productive.  The recommendations made by this organization will promote innovation and business growth that improves the quality of life of people throughout the world and create greater economic prosperity for Tennessee.”

About Life Science Tennessee

Life Science Tennessee is a statewide, member association representing companies, universities and research institute and other business organizations. It is focused on growing the industry in Tennessee through education, networking, advocacy, alignment and partnership. Learn more at www.lifesciencetn.org.

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