New York City is doubling its investment in the life science sector. Mayor de Blasio and the New York City Economic Development Corporation launched LifeSci NYC, a program to establish the city as a leading life science market, with an initial investment of $500 million. This week, the city announced that it would increase its investment to $1 billion.

The city will make this investment over the next decade, and the initiative is expected to generate 40,000 jobs. The increased funding will allocate an additional $200 million to construction of commercial lab space and incubators; an additional $300 million to nonprofit research initiatives; an additional $5 million for the Life Sciences Expansion Fund; and an additional $5 million to invest in the LifeSci NYC Internship program.

Mayor Bill de Blasio noted the importance of investing in emerging industries like life sciences, particularly following the global pandemic. "This expansion will accelerate the growth of local researchers and businesses inventing the cures for whatever comes next. It's the key to our economic and public health recovery, and it will produce more effective and more equitable health outcomes for New Yorkers across the five boroughs," he said in a statement.