S. 6555-A Summary

• Establishes the New York State Biomedical and Biotechnological Translational Research and Entrepreneurship Initiative to commercialize medical research from laboratory to marketplace through designated centers at accredited medical schools.

• Creates a State Initiative Committee chaired by the Commissioner of Economic Development and co-chaired by the Commissioner of Health, consisting of heads of multiple state departments and agencies, to designate centers, approve applications, and oversee program operations.

• Requires applicant medical schools to demonstrate a minimum two-to-one matching funds ratio for every state dollar, commit to five-year plans showing commercialization activities, and maintain relationships with incubators, hotspots, and private collaborators.

• Establishes a Scientific Research and Discovery Bank Program to provide funds for recruitment of out-of-state scientists and retention of in-state researchers, also requiring a two-to-one matching funds ratio.

• Centers must report annual performance metrics on jobs created, investment levels, research commercialization progress, and undergo re-designation every five years, with failure to remedy identified deficiencies resulting in disqualification.