Budget cuts may be a harsh reality that other Minnesota entities engaged in economic development have to face.
Not the Minnesota Partnership for Biotechnology and Medical Genomics, a collaboration between the Mayo Clinic and the University of Minnesota.
Following the longest state shutdown in U.S. history, state lawmakers have decided to provide the group with $7.49 million in funding for fiscal year 2011 and the same amount for fiscal year 2012. It got $8 million per year when it was founded back in 2003, but budgetary challenges forced cuts recently.
“I’m pleased to say that we learned this week that the Minnesota Partnership funding was not cut this time around, another clear indication that it is a valued program,” said Bob Nellis, a Mayo spokesman.
However, previously, the University of Minnesota itself has cut funding for this partnership, a fact that was not missed by legislators who support the effort.
Commercializing research takes time. While the group is involved in numerous projects, it has yet to produce a company.
Reserve your seat now for MedCity CONVERGE, to be held July 9-10 in Philadelphia. Discover strategies, solutions and startups in healthcare innovation. Be a part of this gathering where the entire healthcare ecosystem converges.
By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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