HJNO Mar/Apr 2021

52 MAR / APR 2021 I  HEALTHCARE JOURNAL OF NEW ORLEANS COLUMN BIO INDUSTRY For many in the New Orleans area, springtime usually turns folks’ thoughts to beautiful weather and outdoor festivals. For others, including economic develop- ers, this time of year is also consumed with another event: the Louisiana Legislative Session. Despite the continuation of the global COVID-19 pandemic, as far as we know at the time of this article, the show will go on in Baton Rouge. On Monday, April 12, 2021, at noon, the Louisiana State Legislature is set to con- vene its fiscal session (fiscal sessions take place during odd-numbered years and are generally when the state government has the ability to dedicate revenue and create tax incentives and/or exemptions). The legislature will adjourn no later than 6 p.m. on Thursday, June 10, 2021, and it is during this time period that state represen- tatives and senators from around Louisi- ana negotiate their populations’ priorities. COVID-19 decimated the Louisiana econ- omy and budget, in part because the state derives a significant source of its revenue from sales and personal income taxes. Therefore, this year’s budget discussions may prove more challenging than usual. Within the economic development world, one notable result of the pandem- ic is a heightened discussion about the preserving the things that make New Or- leans distinct.” Representing Louisiana’s bio industry interests on behalf of its members and national Biotechnology Innovation Orga- nization (BIO) is Louisiana’s state chapter, Louisiana BIO. Louisiana BIO’s Executive Director, Stephen Wright sees the current environment’s challenges as an opportu- nity to educate folks as to the importance of the life sciences industry. “The tragic events of the last year have highlighted the necessity of aggressive innovation in the biosciences,” stated Wright. “Our pol- icy makers know that bio sits at the in- tersection of public health and economic development and now more than ever are receptive to new ideas in this space. Our opportunity lies in informing legislators of the tools and policy needed to keep talent- ed researchers and their discoveries here at home.” Given the recent fundraising success of some of New Orleans’ most promising biotech startups, representatives from the Orleans Parish delegation continue to make efforts to support this momentum and ensure that the state is doing what it can to make New Orleans and Louisiana an attractive home for STEM businesses. As State Representative Matthew Wil- importance of diversifying the Louisiana economy. One may observe in the chart provided that COVID-19 disproportion- ately (negatively) impacted the New Or- leans unemployment rate compared with Louisiana and national rates, due to the New Orleans regional economy being heavily weighted in the hospitality sector. STEM-oriented businesses may be part of the solution to the task of strengthening additional segments of the city’s economy. For the past couple of years, numerous organizations and individuals from across parish lines representing the interests of Louisiana’s bio industry have met ahead of the session to strategize and succeeded in agreeing on policy ideas for state repre- sentatives to consider in order to help sup- port the growth of this industry. State Representative Royce Duplessis from District 93 reiterated the point that “…if COVID-19 doesn’t serve as a great reminder of the need for us to diversi- fy our economy, then I don’t know what will. Tourism is a great hook and tax rev- enue generator; however, we need to think about industries that enable folks to sus- tain their jobs throughout natural and bi- ological disasters.” Duplessis added, “Our survival will depend on being able to ex- pand and attract other industries, while ‘TIS THE LEGISLATIVE SEASON…