Biotech in New Mexico to grow through P3/PPP
New Mexico’s GrowBio initiative was launched in December and its founders are working to grow the biotechnology industry through public and private partnerships (P3/PPP). Officials plan is to choose a central, statewide bioscience authority, or center, with public and private industry initiative and programs.
New Mexico’s bioscience industry garnered about $1.2 billion in revenue in 2015. That’s according to a new report from GrowBio, an initiative headed by the University of New Mexico Health Sciences Center and the Albuquerque Economic Development Department.
Bioscience products and services will remain one of the fastest-growing markets over the next 20 to 30 years, according to the GrowBio report. It states that biomechanical engineering jobs are expected to grow by 35 percent through 2024.