WI: Wisconsin BioHealth Tech Hub Set to Receive Additional $49 Million Investment to Boost Innovation | Trade and Industry Development

WI: Wisconsin BioHealth Tech Hub Set to Receive Additional $49 Million Investment to Boost Innovation

Jul 08, 2024

The Wisconsin BioHealth Tech Hub is set to get about $49 million to boost technological innovation, the U.S. Dept. of Commerce’s Economic Development Administration announced last week. 

The state was previously allocated $350,000 in planning funds for the public-private partnership. The latest investment is part of $504 million in implementation grant funding for distribution to 12 tech hubs across the United States. The implementation grant amounts will be finalized in the coming months. 

U.S. Sen. Tammy Baldwin, D-Madison, in a press call with Missy Hughes, CEO of the Wisconsin Economic Development Corporation, and Lisa Johnson, CEO of Madison-based BioForward Wisconsin, said the effort “has the potential to revolutionize healthcare as we know it.” 

“I’ve always said that in Wisconsin, we make things and we have more iconic items, like beer, brats, motorcycles and cheese, but we also make people’s lives better. This investment will move the needle for how we approach and give health care, helping people lead healthier lives,” Baldwin said.  

Hughes said the tech hub is expected to generate about $9 billion in the first 10 years and create 30,000 direct jobs and 110,000 indirect jobs. 

“The range of jobs that will be available will be very broad, and we are going to provide the training to make sure that those in underrepresented, underserved communities have an opportunity to participate in that,” Hughes said. 

Vice President Kamala Harris in a statement said the money will ensure rural, tribal, industrial and disadvantaged communities benefit from the artificial intelligence, clean energy and biotechnology industries, among others. 

The U.S. Department of Commerce in October announced the Wisconsin BioHealth Tech Hub, a consortium led by BioForward Wisconsin, as one of 31 regional tech hubs. 

The Tech Hubs program was established under the federal CHIPS and Science Act. Designees include groups focused on advanced manufacturing, autonomous systems, biotechnology and more. Wisconsin’s effort focuses on personalized medicine, which incorporates genetics, AI, advanced imaging and data analysis to match medical treatment to specific patients.

 

(Click to Expand)