Maryland Governor Martin O’Malley (D) has released a report showing that
the state’s life sciences sector contributed one-third of job gains between
2002 and 2010, with the industry’s annual average salary climbing nearly 50

Prepared by the state’s Department of Business and Economic Development,
the “Maryland Life Sciences: Job Analysis and Economic Impact Report” also
found that the biotech sector supported 71,600 jobs at federal agencies,
higher education institutions and the private sector. Drugs and pharmaceuticals
represented 20 percent of the state’s life science jobs, according to the

“Maryland’s life sciences industry continues to be one of our strongest
economic drivers, creating high-paying jobs even in tough times and helping
to feed, fuel and heat our planet with life-saving discoveries,” said O’Malley,
who created BioMaryland 2020 to unify the state’s efforts to advance the
biotech industry. Some Maryland economic development officials have
reportedly pitched the state’s experience with federal agencies as a selling
point for new and existing biotechs.

In a related development, Maryland’s biotech tax credits reportedly drew
more than 180 applications within three minutes of a first-come, first-served
opportunity for $8 million available this fiscal year. According to a news
source, the Biotechnology Investment Incentive Tax Credit is refundable,
giving investors cash back if the amount is larger than their taxes due to the
state. See Md. Gov. O’Malley Press Release, June 28, 2011, and The Baltimore Sun,
July 5 and 7, 2011.