RICHMOND, Va. -- The Alliance for Building Better Medicine, which is comprised of more than 20 companies, colleges, and nonprofits in Richmond and Petersburg, has been designated as a technology and innovation hub by the federal government.
This essentially means the local alliance that aims to make medicine more affordable for people will now able to apply for $40 to $70 million in funding. This funding hopefully leading to even more medicine being made and then sold cheaper than current prices.
Out of nearly 400 applicants nationwide, the coalition was one of 39 chosen by the US Department of Commerce’s Economic Development Administration.
The alliance hopes this opportunity for more funding will be a huge help in this region becoming a global leader in advanced pharmaceutical medicine.
"It's about trying to bring medicines to market much quicker and much cheaper so that people can afford them," U.S Senator Tim Kaine (D - Virginia) said. "I do think that this is an initiative that speaks directly to a national need, indeed a global need. But especially here at home, we've got to have the ability to produce the medicines that America needs and what a great thing to be able to produce them in central Virginia."
Governor Glenn Youngkin (R - Virginia) said in a statement that the new tech hub is a testament to Virginia's pharmaceutical capabilities.
He said it will increase the region’s resilience through infrastructure, supply chain, and workforce development.
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