Governor Patrick signed his life sciences initiative into law on Monday. The 10-year $1 Billion dollar initiative is supposed to stimulate the state's biotechnology sector and create more jobs for Massachusetts.
Unfortunately, as the Beacon Hill Institute testified several months ago, the initiative will only burden taxpayers without adding any real benefits to the economy. Politicians have never, and never will be, good at picking winners. Companies like Genzyme and Novartis did not come here because of corporate handouts. Irrespective of any handouts, the biotech industry has already decided that Massachusetts is a great place to locate and expand.
Instead of trying to pick winners, the state needs only to simplify the tax code to make Massachusetts competitive.