H E A LT H C A R E & B I OT E C H IN M I S S I S S I P P I
mississippi.org/biotech
Mississippi’s innovative spirit is the driving force behind its biotechnology and life sciences pioneers. For 50 years, Mississippi has been at the forefront of healthcare research and development - from the United States’ first lung transplant in 1963 performed by Dr. James Hardy to the first synthetic organ transplant in 2011 made possible by Hybrid Plastic’s POSS® nano chemical developed in Hattiesburg. The state is among many firsts in the healthcare industry. A growing list of healthcare companies are taking advantage of all Mississippi has to offer. In 2013, Teleflex, a leading global provider of medical devices for critical care and surgery, relocated its distribution operations to Olive Branch, Mississippi. Baxter Healthcare Corporation, a bioscience and medical products company, employs more than 700 workers at their manufacturing plant in Cleveland. GeriCare Pharmaceuticals, the nation’s largest producer of liquid antacids, manufactures products in Gulfport. Additionally, two Fortune 20 companies have distribution facilities in Mississippi: Cardinal Health and McKesson. MISSISSIPPI RANKS
MISSISSIPPI RANKS
OVERALL COST OF
IN ADVANCED
STATES FOR
Area Development Magazine, 2014
Expansion Solutions Magazine, 2013
Area Development Magazine, 2014
MISSISSIPPI RANKS
#6
DOING BUSINESS
TOP 5 TOP 10
MANUFACTURING
DOING BUSINESS
Skilled Workforce Mississippi is committed to understanding and meeting businesses’ needs. Our state provides one of the strongest workforce training programs in the nation through our community college network. State officials work closely with companies to tailor workforce training programs to meet specific industry needs. In addition to a steady talent pool of healthcare and biotechnology workers specializing in pharmiceuticals, polymer science, and advanced manufacturing, Mississippi’s university system offers exceptional research facilities. The University of Mississippi Medical Center in Jackson is a leading health science center and research institution. UMMC contains a school of medicine, nursing, dentistry, graduate studies, health-related professions, and pharmacy. Located in Oxford, the University of Mississippi School of Pharmacy is a major research institution where research scientists help Mississippi industries enhance their competitiveness. In Hattiesburg, the College of Osteopathic Medicine at William Carey University educates medical students at training sites spanning a five-state region. Additionally, the state has five four-year institutions with nursing schools and numerous healthcare occupation programs. Resources for healthcare manufacturing abound in Mississippi. For example, the Mississippi Polymer Institute, located in Hattiesburg as part of the University of Southern Mississippi, helps companies in the plastics/ polymers industry find solutions, train employees, and improve processes and products. The institute has one of the most advanced rapid prototyping systems in the world. Also, the Center for Manufacturing Excellence, part of the University of Mississippi in Oxford, educates undergraduate students interested in a career in manufacturing. The CME maintains close ties to the real-world manufacturing industry through its advisory board, which includes executives from Toyota and GE Aviation’s nearby plants and other companies throughout the state.
Mississippi Research Universities ARKANSAS
TENNESSEE
Memphis 22
Little Rock Oxford
The University of Mississippi
Birmingham
Starkville 55
82
Mississippi State University
MISSISSIPPI
ALABAMA
20
Jackson
Jackson State University
59
Hattiesburg
LOUISIANA New Orleanss
The University of Southern Mississippi
Mobile
FLORI
Gulf of Mexico
Research the Mississippi advantages at Mississippi.org/biotech.
Business Incentives Mississippi offers a strong, supportive business climate. The spirit of cooperation is high, and the price of doing business is low. Construction costs, energy rates, and business tax rates in Mississippi fall below the national average. The state offers a variety of incentive programs, which can be customized to meet the needs of each project.
STRONG INCENTIVES PORTFOLIO Customized incentive and financing programs to meet the needs of each individual investment project.
TAX
MISSISSIPPI RANKS
#4 MOST TAX-FRIENDLY STATES FOR BUSINESSES Kiplinger, August 2014
WORKFORCE
INFRASTRUCTURE
MISSISSIPPI RANKS
up to
#1
BEST STATES TO PRACTICE
MEDICINE Physician’s Practice, 2014
GRANTS & LOANS
MISSISSIPPI RANKS
TOP 7 STATES EARNING AN “A” GRADE FOR
TELEMEDICINE
American Telemedicine Association, 2014
Mississippi Health Care Industry Zone Act In 2012, the Mississippi Legislature passed the Health Care Industry Zone Act, providing incentives to health care-related businesses that locate or expand within a qualified Health Care Zone. The incentive aims to encourage health care-related businesses to locate or expand within a qualified Health Care Zone in the state. To qualify for assistance through this program, health care-related businesses must commit to create at least 25 full-time jobs and/or invest $10 million.
ELIGIBLE HEALTHCARE PROJECTS Eligibility to receive assistance through the Mississippi Health Care Industry Zone Act will be determined by location, capital investment, job creation, and business service. To qualify, a project must be certified as an eligible “Health Care Industry Facility” and locate in an eligible “Health Care Industry Zone.” To receive incentives, the project must apply and be certified before the facility is in operation.
ELIGIBLE HEALTH CARE INDUSTRY FACILITIES ARE: • ➢ • ➢ • ➢ • ➢ • • ➢ •
Medical supply Biologics Laboratory testing Medical product distribution Diagnostic imaging Biotechnology Pharmaceutical research and development
Medical service providers Nursing and assisted living facilities • Medical equipment or medicine production and related manufacturing or processing • •
INCENTIVES PROVIDED: Certified Health Care Industry Facilities are eligible to receive the following incentives through the Mississippi Health Care Industry Zone Incentive Program: • An accelerated, 10-year state income tax depreciation deduction; and • A sales tax exemption for equipment and materials purchased from the date of the project’s certification until three months after the facility is completed. In addition, the program allows counties and cities to grant a property tax “fee in lieu” for 10 years for any certified project with an investment of more than $10,000,000 or a 10-year ad valorem tax exemption, subject to approval by the city and/or county.
CERTIFICATION PROCESS All Mississippi Health Care Industry Facilities must apply for certification by submitting a completed application to MDA.
APPROVAL PROCESS Upon determination that all program requirements are met, a Mississippi Health Care Industry Zone Certificate will be issued. This certification must be provided to the Department of Revenue and local units of government to obtain the statutory tax incentives. For a full list of qualifications and application forms, contact MDA’S Financial Resources Division at 601.359.3552
Mississippi Development Authority Post Office Box 849 Jackson, Mississippi 39205 1-800-360-3323 • 1-601-359-3155
mississippi.org/biotech HealthcareMS1014