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Economic Impact
The Pennington Biomedical Research Center is a tremendous asset and economic development catalyst for Louisiana. It is an example of science, business and the public sector coming together to enhance the public health and economic well-being of the state.
Grants and contracts from out-of-state agencies, foundations, corporations and benefactors inject new dollars and jobs into the state. Research funds buy supplies, equipment and operating services, which have a ripple effect on the state and local economies.
The Center will play a growing role in the state’s economy as its scientists generate more technology disclosures, patents applications, license agreements, joint ventures and new business start-ups. PBRC’s potential as a knowledge-based center is just beginning. In the 2003-04 fiscal year (July 1, 2003 - June 30, 2004) PBRC had 24 technology disclosures, 8 patent applications and 1 start-up company; and thus far, in the 2004-05 fiscal year, PBRC has had 11 technology disclosures, 2 patent applications, 4 licensing agreements, and is in the process of establishing 3 new start-up companies.
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Employment
The Center currently employs 570 scientists, technicians and support personnel. Eight-three (83) new jobs have been created just in the last 18 months.
There are currently about 70 full-time faculty members of all ranks at PBRC as well as 50 adjunct faculty members from various institutions across the state.
There are also 50 postdoctoral fellows, who are the “best and brightest” from all over the world, and they chose PBRC to begin their research careers.
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State of Louisiana Support
Since the first state appropriation in the 1990-91 fiscal year, the State of Louisiana has provided $93 million in funding to help the Center with operating costs.
Current annual appropriation from the state general fund is $10 million. State support is essential as PBRC continues to fulfill its mission of healthier lives for all citizens. With additional state funding, PRBC could have an even greater impact on the state’s economy and on the lives of Louisiana citizens.
PBRC is one of the few state higher education institutions that cannot offset budget cuts or increased costs with higher student tuitions and fees since no students attend PBRC.
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Return on Investment
The Center as made the most of its state support, using it to generate an additional $330 million from the federal government and private sources. That’s a terrific return on investment as every $1 in state funding has attracted more than $3 in federal and/or private funding to the state.
Click here to see examples of prestigious funding grants secured from other entities.
Because PBRC has been successful in attracting outside funding from its base of state dollars, cuts in state funding will likely result in additional revenue reductions elsewhere, which would have a harmful effect on PBRC’s mission and significantly impair its economic development efforts.
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