WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.) applauds the designation of the Greater Philadelphia Region Precision Medicine Tech Hub through the U.S. Department of Commerce’s Economic Development Administration (EDA), as part of the first phase of the Tech Hubs program. The program is an economic development initiative designed to drive regional innovation and generate employment opportunities by strengthening the region’s capacity to manufacture, commercialize, and deploy technology that will advance American competitiveness.
“The Greater Philadelphia Region Precision Medicine Tech Hub will develop and deliver technology with new ways to diagnose, prevent, and treat harmful diseases,” said Sen. Menendez. “I’m proud that this initiative will leverage New Jersey’s robust life sciences industry in order to reduce inequities in health care through evidence-based technology and medicine. Thanks to the CHIPS and Science Act, Tech Hub programs sharpen our competitive edge in science and technology while creating good-paying jobs for American across the country.”
The Greater Philadelphia Region Precision Medicine Tech Hub, led by the Ben Franklin Technology Partners of Southeastern PA, aims to become a global leader in end-to-end precision medicine – an innovative approach to tailoring disease prevention, diagnosis, and treatment that takes into account differences in people’s genes, environments, and lifestyles. This Tech Hub serves the residents and families of New Jersey, Pennsylvania, Delaware, and Maryland. It will leverage the region’s life sciences assets and research and development expertise to weave together various technology applications, including biotechnology, medical technology, genomics, synthetic biology supported by artificial intelligence, machine learning, robotics, and more. Together, these tech-enabled efforts will deliver new ways to diagnose, prevent, and treat disease, increasing evidence-based technology applications that improve morbidity and mortality and decrease health disparities.
Tech Hubs, authorized through the bipartisan CHIPS and Science Act, are direct investments made in burgeoning, high-potential U.S. regions that seek to transform them into globally competitive innovation centers to advance their technological industries to create jobs, strengthen U.S. competitiveness, and protect national security. These Tech Hubs are located across 32 states and Puerto Rico, representing a cross-section of urban and rural regions.
The Phase 1 winners were selected from nearly 400 applications from regional consortia that include industry, academia, state and local governments, economic development organizations, and labor and workforce partners. As part of the Tech Hubs competition, each consortium outlined plans for strengthening its region’s capacity to manufacture, commercialize, and deploy critical technologies. The Department of Commerce launched a second Tech Hubs Notice of Funding Opportunity, allowing these designated Tech Hubs to apply to receive between $40 million and $70 million each for implementation funding, totaling nearly $500 million.
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