Rhode Island has been searching for new engines of economic growth ever since the flight of manufacturing jobs many decades ago. In 2022, state lawmakers launched a big bet to respond: build a biotech and life sciences sector from the ground up.
That effort led to the creation of the Rhode Island Life Science Hub. In 2024, Dr. Mark Turco was hired as its president and CEO.
Turco spoke with Ocean State Media political reporter Ian Donnis to discuss how far the life sciences industry can go and whether Rhode Island got into the game too late.
Interview highlights
On how the state can help grow life sciences in Rhode Island
Dr. Mark Turco: What we had seen and what (a state) report really identified leading up to this initiative was that “academic translation” was moving out of the state of Rhode Island. Because we did not have a facility to house new company creation that would be started here in this state…
It’s taking that research that’s occurring – that discovery that’s occurring within our great academic institutions here in the state of Rhode Island – and translating them into companies that can help move those technologies forward, so that they can actually get into the clinic and be commercializable, so that patients can actually see the benefits of all of that amazing science and research and discovery efforts. But that Ocean State Labs incubator will play, and has played already, a very key role to provide that infrastructure.
Other pieces that we’ve worked on though is trying to bring in companies and also nurture the companies, as I just mentioned, that are coming out of our academic institutions.
On projected job growth in the life sciences sector
Turco: We have basically provided close to $17 million of non-dilutive funding to 30 different entities that are bringing jobs and driving economic growth in the region.
When we’re talking about life science companies coming here and job creation, the thing to remember is that it’s not a single-sum game in the economic development world. When a life science company comes, there are then multiples, because those companies then need other services and bring other technologies and other needs, and then hopefully these companies will stay here in Rhode Island once they mature. Then we benefit from the manufacturing that these companies may bring, as well as all of the other things that they can bring to our economy in the state of Rhode Island…
We have brought in pretty close to 250 jobs to the region. That’s a significant number of jobs. We announced that six companies will be moving into Ocean State Labs, which will officially open up and be science-ready come Feb. 2. Those six companies, as well as many of the other companies that we’ve helped fund, are in sectors of oncology, sectors of cell and gene therapy, sectors of RNA, sectors of neuroscience – all key sectors for expanding the life sciences here, as well as opening up opportunities for those companies to receive follow on investing from key institutional investors.
On challenges faced by the life sciences sector
Turco: We have to realize that we’re in a time of uncertainty at the federal level.
Rhode Island in 2025 received $250 million in research funding from the NIH, and that’s important funding for our academic institutions to do their discovery work. That then leads to hopefully company creation and that “translation.” So one challenge and headwind is certainly at the federal level.
The other is that this is a competitive space. We need to be competitive as a state. Everyone realizes the importance of committing to life science hubs to drive and be another pillar for economic growth opportunity within their state, and that’s what we have to commit to.
