June 22, 2009 Billion dollar biotech initiative paying off in Worcester Play video

(NECN: Katie Daly) - A billion dollar initiative to make Massachusetts a magnet for the biotech industry is apparently paying off, especially in Worcester County.

Its been one year since Governor Deval Patrick signed the Massachusetts Life Sciences Initiative. The legislation authorized one billion dollars in tax breaks and spending on life science programs.

Kevin O’Sullivan is the president of Massachusetts Biomedical Initiatives in Worcester. His company provides lab space and support to start up research companies.

We’re full that's an up tick in small companies i think its because i think they enthusiastic about the support from the state>

O'Sullivan says that legislation has not only brought new companies to the state but it's helped create jobs.

“Basically what it fuels is what our product is, its not cranberries in Massachusetts its brains and innovations.”

Critics of the life sciences initiative say that the state cannot afford to spend at a time when taxes are being raised and services are being cut.

The success of the life sciences act may not be measured for another 9 years. Under the law that's when funding for the industry is scheduled to end.