The Chicago area is set to receive a $10 million boost for a new biotech hub, aimed at retaining local medical researchers and accelerating the commercialization of their innovations, according to exclusive reporting by Axios. The National Institutes of Health, or NIH for short, will contribute $4 million, while the Searle Funds at the Chicago Community Trust and the Walder Foundation will donate the remaining funds. The hub will bring together nine local institutions, including Northwestern University, University of Chicago and University of Illinois Chicago, to create more jobs and foster biomedical innovation in the region. Chicago universities have already received $5.8 billion in NIH funding from 2017 to 2022.
The investment comes as a response to the trend of local researchers leaving for the coasts, where more capital is available for commercializing their ideas. By providing funding and support, the new hub aims to keep Chicago inventors in the area and enable the region to compete with biotech hubs like Silicon Valley and Boston.
