NEMIC + Network Partners Throw Support Behind RI's Life Science Hub Act

June 1, 2023

NEMIC co-founders Aidan Petrie and Lydia Shin Schroter both recently ventured to Smith Hill to testify in support of The Rhode Island Life Science Hub Act - which, if passed, would create a quasi-public corporate body and agency of the state to coordinate life science initiatives on behalf of Rhode Island. 

The legislation, introduced by House Speaker Joseph Shekarchi and Senate President Dominick Ruggerio in their respective chambers, aims to grow Rhode Island's life science sectors through a $45 million investment. Funds for the legislation were included in Gov. Dan McKee's #RIReady budget, with the goal of enabling the state to successfully compete in the national and international life science industries.

Aidan, along with several NEMIC partners, testified on May 23 before the House Finance Committee in support of House Bill 6426 and a few days later, Lydia testified before the Senate Finance Committee on behalf of Senate Bill 1085. Both stressed the vital role MedTech plays in the state's Life Science ecosystem.

"This bill and the funding that follows has the opportunity to not only allow us to galvanize our local HealthTech startups but also attract companies regionally and globally as we can now compete with similar packages from our neighboring states," Aidan said. "With H-6426 and S-1085, we have a once-in-a-lifetime opportunity to level the playing field with our neighbors."

With the support of The Rhode Island Foundation, RI Commerce, and the DLT, NEMIC has worked with more than 180 companies and 300 individuals drawn from Lifespan, Brown, URI, industry professionals, and many from overseas. Those relationships, combined with a strong base of medical device companies, support service companies like Veranex, and a myriad of smaller specialty groups and manufacturers, NEMIC has helped create a formidable professional network. 

In addition, our universities cover the wide variety of disciplines needed to bring medical devices to market and engineering, data science, user-centered design, regulatory, legal services, prototyping, and manufacturing.

"With an effective use of funds, we can claim a Center of Excellence here in Rhode Island that builds, attracts, and secures high-growth potential companies in the state," Lydia said. "Finally – and importantly – we can start today. The network, programs, and pipeline are in-place, and this bill is the catalyst we need. Exciting times!"