Large Bio/Med Businesses: A Cornerstone for Economic Development in NYS
“The growth potential for medical technologies and life sciences, maybe bioscience in general, is pretty high. It’s often talked about growing between five and 10 percent, year on year, and it’s also fairly steady.”
Vice President and General Manager
Headquarters: Corning, NY
Description: Corning offers a comprehensive range of innovative, high-quality tools and solutions for life science research and bio-production. Corning’s trusted brands, backed by technical expertise, provide researchers with better ways to advance their research from the beginning of their process to the end.
NYS Employees: 5,800 (28,700 Worldwide)
Revenue: $8 Billion
Bioscience and medical technology (Bio/Med) start-ups grow alongside well-established companies like Corning Incorporated in New York State. The Corning Life Sciences division thrives on innovation and invests a significant amount in research and development, much of which takes place in New York.
“It represents an existing and potential economic impact vital to upstate,” Vice President and General Manager of Corning Life Sciences Richard Eglen said.
“The growth potential for medical technologies and life sciences, maybe bioscience in general, is pretty high. It’s often talked about growing between five and 10 percent, year on year, and it’s also fairly steady,” Eglen said. “It’s not a boom or bust-type industry.”
“If you’ve got a predictable growth pattern with those kind of numbers, then many companies look at bioscience as a predictable growth avenue for their businesses,” he added.
With advances in DNA sequencing technology and personalized medicine that deal with everything from cancer to neurological disorders, Corning Life Sciences products will be moving in that direction.
“New technologies and new instrumentation are going to be required to step into support that space, both from a diagnostic perspective and a drug discovery perspective,” he said.
“New York offers important advantages like workforce development as companies similar to Corning continue to improve their lines of laboratory equipment and related products,” Eglen said.
“It’s an interesting state because there are some strong state universities and world-class private universities, as well as international pharmaceutical companies and technology companies,” Eglen said. “I worked in Silicon Valley for 20 years, so I often compare and contrast New York State to California.”
“In California, you can see that the venture capital industry, the biotech industry and the universities have come together to seed a continuum of smaller companies. These start-ups then either get picked up and bought or develop into larger companies. You don’t see that in New York State yet,” he said.
“Corning itself connects with a number of universities, but a more formalized statewide program would benefit and even create smaller companies,” Eglen said.
“I don’t see any disadvantages to doing business in New York State,” Eglen said. “We do a lot of research here and we have strong access to talented individuals with research and development expertise.”
“The advantages are the strong academic environment, as well as the infrastructure that’s in the state from a communication and a transport perspective,” he added. “It’s a good place to do business for us.”