Maryland biotech companies are growing — and looking for more employees.
Maryland has long been a life science capitol, and the state is proving that it will continue to be a bastion of innovation. Keep reading to learn more about the growing Maryland biotech sector and the incentives that allow this industry to flourish.
Why is Maryland a Great State for Biotech?
The biotech industry is blooming in Maryland for a variety of reasons, one of them being the state’s thriving ecosystem that consists of research institutions, federal agencies, and a skilled workforce.
Proximity to Research Institutions and Federal Agencies
Johns Hopkins University, the FDA headquarters, and the National Institutes of Health (NIH), are all based in Maryland. The presence of these esteemed institutions gives local companies greater access to regulatory experts and start up incubation programs.
Johns Hopkins Technology Ventures reports that over 130 companies spanning from life sciences to digital health have been established through its program.
Presence of a Skilled Workforce
According to BioBuzz, Maryland biotech companies are hiring, and these companies have plenty of talent to choose from.
While the state is normally filled with a highly educated and skilled workforce, since federal agencies are letting go of droves of trained, highly skilled professionals, biotech companies won’t be hurting for expertise.
An Environment Supportive of Innovation
Maryland offers a range of tax credits designed to support early-stage biotech companies. Below, you can review a list of some of the incentives, a biotech company could take advantage of:
- Hire Our Veterans Tax Credit. Provides a State income tax credit to small businesses for hiring qualified veterans based on wages paid to those veteran employees.
- Biotechnology Investment Incentive Tax Credit. This program encourages taxpayers to contribute to neighborhood organizations and charitable food programs and engage in activities that promote community economic development in impoverished areas.
- Enterprise Zone (EZ) Tax Credits. Provides real property and state income tax credits for businesses located in a Maryland Enterprise Zone in return for job creation and investments.
- Innovation Investment Tax Credit. Provides an investor with income tax credits equal to 33% or 50% of an eligible investment in a Qualified Maryland Technology Company (QMTC), supporting investment in seed and early stage technology companies in designated industries.
- MD Research and Development Tax Credit. Businesses that have qualified R&D expenditures in Maryland may qualify for the Growth R&D Tax Credit.
The Free State is committed to fostering innovation with credits like the ones shown above and through programs like the Montgomery County Accelerator Network (MCAN) and the International Soft Landing Program.
Maryland is a land of opportunity for life sciences companies — particularly biotech companies. With tax credits and other supportive programs, entrepreneurs can be confident while securing funding, finding talent, and scaling for growth.
Have questions about about the MD R&D tax credit? Contact a Bowers R&D Associates team member today to learn if you could take advantage of this valuable program.