Florida Biotech Funding Tripled in 2011

Jul 12, 2012   

According to recent reports presented by BioFlorida, biotechnology funding in Florida tripled in 2011 and the growth of new biotech and medical device companies in Florida outpaced the national average. As biotechnology emerges as one of the fastest growing and most complex industries from a regulatory and corporate perspective, the State of Florida is making strides to become a focal point of this industry.

The BioFlorida reports highlighted some significant statistics demonstrating the rapid development of the biotechnology industry in Florida. Some of these statistics include:

  • Venture investment funding for biotech and medical device companies increased 207% between 2010 and 2011, jumping from $29.25 million in 2010 $86.72 million in 2011.
  • The number of Florida biotech companies in Florida has increased 42% over the past five years, while the national growth rate of biotech companies has been less than 5% over the same period.
  • State and local government agencies in Florida have spent approximately $1.5 billion over the past ten years to lure nonprofit institutes to the area.

Florida has become a hotbed of activity and growth for the biotechnology and medical device industries. With innovative research and development occurring at the University of Miami and the University of Florida, as well as private companies, the “biotech clusters” throughout Florida are quickly growing and evolving.

Fuerst Ittleman, PL is a participating member of BioFlorida and heavily involved in the medical device and biotechnology industry in the State of Florida and nationally. For more information on services offered by Fuerst Ittleman, please contact us at contact@fidjlaw.com or (305) 350-5690.