Zooming in on Huntsville's biotech boom
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Axios publisher Nicholas Johnston interviews Graciela Romero from Eli Lilly and Alex Shriver from PhRMA Thursday. Photo: Neville Simpson for Axios
Huntsville's biotech economy is on the rise.
Why it matters: Huntsville's aerospace and defense economy is well-established, but its biotech sector has been gaining steam.
- It was launched into the spotlight last year with Eli Lilly's announcement of plans to build a $6 billion site in the Rocket City.
The latest: Axios brought together local leaders last week to dive deep into how the area's biotech economy is taking shape.
Inside the room: Graciela M. Romero, vice president and Huntsville site lead with Eli Lilly, said Huntsville emerged from more than 300 potential sites thanks to its workforce potential, infrastructure and opportunities for long-term growth.
- Utilities, transportation access, zoning and economic development incentives are part of that, she said, as is the area's high concentration of engineers and scientists.
- She said the company plans to hire about 450 people across a variety of positions and that local partnerships helped Huntsville stand out.
What they're saying: "At the end of the day, it's about the location and the community," Romero said. "What we were looking for is a community where we can continue to have a lasting impact and grow together over time."
Zoom out: Alex Shriver, senior vice president of public affairs for event sponsor PhRMA, said, "For our industry, public policy is the single biggest determinant of success, which I think is surprising to many people."
- That comes down to "a public policy that makes sure patients can actually access and afford those medicines," he said.
- "The average time to produce a medicine is 10 to 15 years; average cost is $2.6 billion," Shriver said, explaining that companies need strong patent protections and public-private partnerships to make that investment feasible.
Zoom in: Alabama state Rep. Rex Reynolds talked about the groundwork that made Huntsville fertile ground for biotech investment, and what the state can do to support it going forward.
- That includes infrastructure investment, with Reynolds floating the idea of prioritizing transportation funding on high-growth areas like Huntsville.
Driving the news: Erin Koshut, executive director of Cummings Research Park, said collaboration is a big part of what makes Huntsville attractive to companies such as Eli Lilly, and that a challenge facing recruiters is simply telling Huntsville's story.
- About 100,000 workers with applicable skills live in North Alabama, she said, and about 6,000 workers commute from outside the county for jobs in those industries.
State of play: Jerome Baudry, biological sciences chair at the University of Alabama in Huntsville, said UAH is developing a master's degree in biotechnology and a biotech concentration, he said, aimed at supporting employment opportunities.
Case in point: Neil Lamb, HudsonAlpha Institute for Biotechnology president, said Lilly's investment will spur further recruitment and potentially research opportunities.
The bottom line: Watch the whole event here.