South Carolina, A Biotech Discovery

T

he success of a company typically hinges on its ability to seize opportunities and discover advantages unseen by competitors. In South Carolina, biotech companies are finding a state with a pro-business environment and commitment to aggressive biotechnology company recruitment that make it an ideal location – for success.
        The South Carolina Power Team, led by Palmetto Economic Development Corporation, has made supporting the life science and related industries a priority in its recruitment efforts. The Power Team offers electric incentive rates and grant programs to reduce up front costs of biotech companies locating or expanding in its 46 county service area.
        The Palmetto State also features three highly respected research institutions that offer partnership opportunities and a storehouse of expertise. Additionally, there are twelve technical colleges with pharmaceutical programs and a Center for Accelerated Technical Training ranked #1 in the United States.
        Meanwhile, short permitting times, low construction costs and flexible financial incentive programs mean biotech companies can go from idea to implementation quickly and efficiently. South Carolina has a proven reputation for designing and building facilities for biotech companies with no capital outlay. Custom-designed finance packages and flexible front-end inducements to reduce capital outlay ensure companies are up and running quickly. Construction costs are 8-12 percent below the national average and the state features the lowest industrial electric rates in the Southeast.
        Its tax climate rewards investment and employment, while companies also benefit from a long list of tax exemptions, abatements, moratoriums, credits and reductions. In short, biotechnological advancement is a top priority in South Carolina.
        Pending life sciences legislation will provide job development credits and accelerated equipment depreciation allowances for life science, pharmaceutical, medical and laboratory instrument manufacturers. It also allows for the issuance of bonds to fund publicly owned infrastructure in support of life science facilities (total investment of $100 million that creates 200 new jobs with an average compensation level of two times the state per capita income). Furthermore, pending venture capital investment legislation provides tax credits to support a fund (up to $100 million) for investment in a portfolio of venture capital funds making investments in South Carolina. The legislation also provides for a "pre-venture fund" to help fund mature technologies in the state's research university technology incubators. South Carolina wants to help companies bring their ideas to reality.
        One of South Carolina's major assets is its atmosphere of innovation, collaboration and intellectual advancement. The state boasts a statewide network of research universities committed to biotechnological growth. The Medical University of South Carolina (MUSC) received more than $130 million in 2002 in research-related awards, recently created the MUSC Foundation for Research Development and is currently under contract with approximately 100 business partners including some of the major pharmaceutical companies. Clemson University, a recognized leader in engineering and agricultural research, is home to the Genomics Institute, which has the most complete genome library of plants in the world. Clemson is also home to the Center for Advanced Engineering Fibers and Film, a national Engineering Center. In the heart of the state, the University of South Carolina recently received an $11 million National Institutes of Health biomedical research grant to study colorectal cancer and is the lead research institution for the Biomedical Research Information Network.
        The state features a biotech incubation facility co-located with a world-class genetics research center in Greenwood that is working to achieve a greater understanding of the causes, treatment and prevention of birth defects and mental retardation. The South Carolina Biotechnology Incubation Facility has six state-of-the-art incubation modules, each containing wet labs and support staff with conference facilities and library resources.
        South Carolina's inter-modal transportation network, major port, railroads and aviation facilities provide ready access to the East Coast and the rest of the world. Strategically located midway between Miami and New York, South Carolina boasts an extensive network of toll-free highways and the southeastern hub for UPS in Columbia.
        Last but certainly not least, discover the advantages of more than 300 golf courses, sunshine nearly 250 days a year, top-flight fishing and hunting, low cost of living, exceptional educational reform and innovation, quality medical facilities and low healthcare costs. Discover a state with abundant clean water supplies and waste treatment facilities as well as plentiful forestland and unparalleled scenic beauty.
        Palmetto Economic Development Corporation invites you to discover your success in South Carolina.