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Over the next 25 years, the
Commonwealth of Pennsylvania will receive an estimated $11.3
billion as part of the national settlement with the tobacco
industry. All of the tobacco settlement monies received by Pennsylvania
will be spent on health- and life science-related initiatives.
Approximately $2 billion—or 19% of the total settlement—has
been assigned to the life sciences development initiative.
This is the largest commitment to the life sciences made by
any state from the tobacco settlement. In the words of Governor
Mark Schweiker, this initiative will help the Commonwealth
become “the best place in the world to build and grow
life science businesses.”
The $2
billion investment is divided into four major components:
- $1.6 billion for life sciences and biomedical research,
to be distributed to Pennsylvania-based research institutions,
starting in 2002 (approximately $64 million per annum for
25 years)
- $100 million in 2002 for the initiation of three life
sciences greenhouses (based in Pittsburgh,
Hershey,
and Philadelphia)
- $60 million in 2002 as start-up resources for a venture
capital fund to support commercialization of demonstrated
new life science business opportunities
- $140 million in projected matching funds for the venture
capital fund
Pennsylvania’s Department
of Community and Economic Development oversees this initiative.
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