Florida lawmakers have invested $1.5 billion in Scripps, nearby Max Planck Florida, and six other biotech research centers that officials say have created 1,100 jobs.
“If it’s only 1,100 jobs, it doesn’t seem like it panned out too well,” Senator Gwen Margolis, D-North Miami Beach… Adding that’s more than $1 million per-job. The state’s last payments to Scripps — totaling $50 million — are scheduled to occur over the next two years.
Read “Lawmakers tell Scripps to show them jobs that justify state’s investment in its biotech research”, PB Post, Posted: 3:43 p.m. Friday, March 11, 2011
Here in Palm Beach County, we aren’t the only ones facing the biotech scam. In a Miami Herald story on a heavily subsidized biotech plan at University of Miami, posted online Tuesday, March, 22, 2011. Residents are questioning the benefits of the project to the local communities of Miami:
“[T]he biotech industry is not the economic savior it’s often made out to be, cautions Portland-based economist Joseph Cortright, who co-authored a widely-read 2002 Brookings Institution report on biotechnology and its job-creation prospects.
“It doesn’t employ huge numbers of people, even in those places that are arguably the biotech hubs,” Cortright said. “Everybody wants to have it because it sounds good, it sounds glitzy.”