New BioMaryland Center partnership focuses awards this year on improved patient outcomes, reduced health care costs
BALTIMORE, MD (September 8, 2014) – Maryland Department of Business and Economic Development (DBED) Secretary Dominick Murray today announced that applications are now being accepted for the BioMaryland Center’s FY 2015 Biotechnology Development Awards. New this year, the BioMaryland Center is partnering with Maryland's Department of Health and Mental Hygiene (DHMH) and the Center for Medical Technology Policy (CMTP) to incorporate improved health care quality and cost reduction criteria into the selection process. A total of $1 million, ranging from $50,000 to $200,000 per project, will be awarded on a competitive basis, with preference given to advancements that improve patient outcomes and reduce health care costs. The application deadline is October 1. For more information or an application, visit
www.bio.maryland.gov.
“Our partners at the Department of Health and Mental Hygiene have been focused on reducing healthcare costs for Maryland citizens while improving the quality of care. The BioMaryland Center’s decision to include these criteria in its award program is a great way to ensure the innovative entrepreneurs we have here in the State are working toward the same goal,” said Secretary Murray. “Ultimately, this program will speed the delivery of better, more cost-effective treatment to patients here in Maryland and worldwide.”
“This innovative program recognizes the market potential of creating value in health care,” said Dr. Joshua Sharfstein, Secretary of Maryland’s Department of Health and Mental Hygiene.
The BioMaryland Center, DHMH and CMTP will provide ongoing advice and support to the teams selected for funding and help address any technical, scientific, regulatory and reimbursement issues that may be encountered during the development process.
Since 2010, the BioMaryland Center has invested $7.5 million dollars in more than 40 organizations through its awards program. It is a key component of Governor Martin O’Malley’s Bio 2020 initiative. The BioMaryland Center is part of the State’s business and economic development agency, the Maryland Department of Business and Economic Development (DBED).
“The program already has yielded multiple success stories. Three previous awardees—Gliknik, Telcare, and Unither Virology--collectively have raised more than $100 million after using their biotechnology development award funds to advance the early stages of their technology,” said Dr. Judith Britz, Executive Director of the BioMaryland Center. “We are proud of the work Maryland innovators are doing and anticipate the Center’s investments will help them move their technologies from research to reality.”
ABOUT BIOMARYLAND CENTER:
The BioMaryland Center is the office within Maryland’s Department of Business and Economic Development (DBED) that connects life sciences companies, academic and federal researchers with each other and with potential capital sources, partners, and clients. The Center provides information regarding funding and other resources, business plan feedback, access to market research, advocacy, and other industry support. The BioMaryland Center also promotes the State’s life sciences industry domestically and abroad. More information regarding the Biotechnology Development Awards program and other resources is available on the center’s web site.
www.bio.maryland.gov.
ABOUT DHMH:
The mission of the Maryland Department of Health and Mental Hygiene is to protect, promote and improve the health and well-being of all residents. The Department works to reduce the risk of communicable diseases, tainted foods, and dangerous products. The Department also regulates health care providers, facilities, and organizations and provides services to those eligible for medical assistance. For more information, visit
www.dhmh.maryland.gov.
ABOUT CMTP:
The Center for Medical Technology Policy is an independent, non-profit 501(c)(3) organization that aims to make health care more effective and affordable by improving the quality, relevance, and efficiency of health care research. CMTP focuses on the design and implementation of comparative effectiveness research to produce information that helps patients, clinicians, and payers make informed treatment and policy decisions. CMTP provides a trusted forum in which a broad range of stakeholders can collaborate to identify important research questions, design appropriate studies, and develop innovative partnerships to implement these studies. For more information, visit
www.cmtpnet.org.
ABOUT DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit
www.choosemaryland.org.
