NC – Life Sciences Manufacturing Coalition Wins $25 million in Grant Funding

On September 2, the Economic Development Administration (EDA) announced that the Accelerate NC – Life Sciences Manufacturing coalition is one of 21 winners of the Build Back Better Challenge. The challenge, born from the America Rescue Plan, aims to foster economic recovery after the COVID-19 pandemic. As one of the $1 billion grant recipients, the coalition will receive $25 million.

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What is the Build Back Better Challenge?

Devised by the EDA, the Build Back Better Challenge is a plan to assist various communities and industries rebuild after the COVID-19 pandemic. The challenge tasked communities to identify interconnected investments with the potential of transforming their local economy, expanding economic opportunities, and creating thousands of good jobs.

The Biden-Haris Administration announced the $1 billion challenge winners on September 2. The administration chose  21 winners from 60 finalists, all receiving $500,000 seed grants. The winning coalitions will receive grant money from $25 million to $60 million. 

One such coalition is the Accelerate NC – Life Sciences Manufacturing coalition. Led by North Carolina Biotechnology Center (NCBiotech), the coalition won a grant of $25 million.

The Life Sciences Coalition’s Win

Biomanufacturing is a booming industry in North Carolina. Since 2020, various businesses announced an increase of 7,000 jobs and $7 billion of investment in the region. Despite that boom, the surrounding workforce is unprepared to meet the demands of such an increase, largely due to inadequate training programs.

The money awarded to the Accelerate NC – Life Sciences Manufacturing coalition will strengthen life sciences manufacturing in North Carolina by investing in a more robust pipeline of biotech talent. In addition, the coalition will expand opportunities to underserved and historically excluded communities.

U.S. Secretary of Commerce Gina Raimondo said on the award, “The North Carolina biotechnology industry has achieved exceptional growth and the Build Back Better Regional Challenge funding builds on this success by recruiting and training the next generation of biotech and life sciences professionals, especially from underserved and minority institutions. The Accelerate NC – Life Sciences Manufacturing coalition will increase the capacity of North Carolina’s education system to meet workforce demand and prepare residents for good-paying jobs in the biotech and life sciences sectors.”

With the money going toward educational programs across North Carolina, the $25 million grant will surely be a boon to the state’s already thriving biomanufacturing industry. 

Author

Max Heirich