Virginia Gov. Glenn Youngkin said this week he plans to include $90 million in one-time funds in his upcoming biennial budget “to foster collaboration” among Virginia Commonwealth University’s Medicines for All Institute, the University of Virginia’s Manning Institute for Biotechnology and Virginia Tech’s Fralin Biomedical Research Institute at VTC.
The governor’s office billed the investment as the launch of Virginia’s research triangle.
“Today’s investment announcement lays the groundwork for remarkable startup innovation and commercialization that interconnects Charlottesville, the Greater Richmond area, Roanoke and the New River Valley,” Youngkin said in a statement. “Through this state commitment and private philanthropy, we are building Virginia’s research triangle and network, supporting our higher education institutions’ research endeavors, and expanding Virginia’s university research capacity that will enhance life-saving research development for generations to come. My administration is committed to building Virginia’s research engine for the future and creating high-paying jobs in the process.”
A groundbreaking ceremony for The Manning Institute in Charlottesville was held earlier this month. It is aimed at spurring biotech research, development and manufacturing at the University of Virginia and target new treatments for diseases that have no cure or whose therapies can be overly tough on patients. VCU’s Medicines for All Institute is focused on improving access to medicines and enhancing production through innovative new methods. It is part of larger efforts in the Richmond-Petersburg area to make it a hub for pharmaceutical manufacturing. The Fralin Institute in Roanoke is focused on many levels of biomedical research.
The three university research institutions would partner with the Virginia Innovation Partnership Authority to collaborate on commercialization and startup support, according to the governor’s announcement.
The Manning Institute is in line to receive $50 million in the new funding, while the Fralin Institute is in line for $27 million and Medicines for All will receive $13 million.
“As we look towards the next decade of the advanced pharmaceutical manufacturing industry in Virginia, Medicines for All is excited to be a partner in growing the capabilities and job opportunities this industry can bring to the commonwealth,” Frank Gupton, CEO of Medicines for All, said in a statement.
Youngkin is set to unveil his budget proposal Wednesday, and the Virginia General Assembly will take up the plan during its session in January.
