Florida

November 1, 2008
Pharmaceutical Technology Europe

Volume 20, Issue 11

According to Deputy Director, Alexander Bothmann, of Enterprise Florida Inc., in Germany, the 'Sunshine State' is: "Committed to building a world-class biotechnology sector by investing in research facilities, fostering the growth of local biotech companies and welcoming progressive newcomers, such as the Scripps Research Institute, the Burnham Institute for Medical Research and Torrey Pines Institute for Molecular Studies."

According to Deputy Director, Alexander Bothmann, of Enterprise Florida Inc., in Germany, the 'Sunshine State' is: "Committed to building a world-class biotechnology sector by investing in research facilities, fostering the growth of local biotech companies and welcoming progressive newcomers, such as the Scripps Research Institute, the Burnham Institute for Medical Research and Torrey Pines Institute for Molecular Studies. Additionally, Florida has fostered nearly 100 biotech companies specializing in therapeautics, diagnostics and industrial biotech."

There are presently 120 biotechnology companies in Florida operating across all sectors, the largest being in therapeutics, biological devices and diagnostics. Contributions are also being made to genomics and proteomics, bioinformatics, agriculture and marine biotech.

Many of Florida's pharmaceutical companies offer contract manufacturing, marketing and distribution services. The State is home to developers of treatments for cardiovascular and respiratory diseases, generics, nutraceuticals, over-the-counter drugs and a wide array of other products. Organizations, such as BioFlorida, the Florida High Tech Corridor, and the South Florida Technology Alliance provide support for the more than 90 companies that manufacture, fabricate and process medicinal substances into finished pharmaceuticals.

About BioFlorida

Biofacilities, science & technology parks

The State has 12 research parks and a number of dedicated biofacilities for R&D and commercialization. An additional several million square feet of new space for wet labs, business development, acceleration and related activity is currently under construction and includes:

  • Florida Centre for Innovation at Tradition (Port St Lucie) — a 120-acre research park that will include the Mann Research Centre (400000 sq ft of biomedical R&D and office complex)

  • Lake Non Science & Technology Park (Orlando) — 600 acres devoted to R&D, education and business.

  • The Innovation Centre at the University of Florida (Gainesville) —160000 sq ft of laboratory and office space.

  • University of Miami Life Science Park (Miami) — A 7.2-acre, 1.4-million sq ft complex for research and private companies.

Florida is one of the tax-friendliest states in America. It has no state personal income tax and a corporate income tax rate of 5.5%, which compares to 8.8% in California and 9.5% in Massachusetts. Other considerations for business include:

  • No sales tax on R&D equipment.

  • No state-level property tax.

  • No corporate income tax on limited partnerships.

  • No property tax on goods-in-transit for up to 180 days.

  • No sales and use tax on goods manufactured or produced in Florida for export outside the State.

  • No sales tax on purchases of raw materials incorporated in a final product for resale.