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Industry Landscape
The technology and life sciences industries in Maryland are vibrant and growing, driven by a strong ecosystem of innovation, research institutions, and a skilled workforce. The state actively fosters collaboration between academia, government, and industry to enhance commercialization and talent development. Emphasis is placed on advocacy for favorable policies, workforce development, and connecting entrepreneurial minds to further advance these sectors.
Total Assets Under Management (AUM)
Number of tech and life sciences companies in Maryland in United States
~Based on available data, Maryland hosts over 2,700 technology companies and more than 500 biotechnology companies. (Source: Maryland Department of Commerce, BioMaryland, Tech Council of Maryland reports)
(Not explicitly stated for company count; however, Maryland's tech and life sciences sectors show consistent growth. CAGR)
- Growth in startups and established businesses.
- Expansion driven by federal funding and research institutions.
- Strong focus on talent pipeline development.
Total Addressable Market
200 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-driven Drug Discovery
Leveraging artificial intelligence and machine learning to accelerate the identification, design, and optimization of new drug candidates and therapies.
Quantum Computing in Cybersecurity
Applying the principles of quantum mechanics to develop highly secure encryption methods and to break existing cryptographic protocols, impacting data protection and network security.
Personalized Medicine/Therapeutics
Tailoring medical treatment to the individual characteristics of each patient, including their genetic makeup, lifestyle, and environment, often enabled by genomics and data analytics.
Impactful Policy Frameworks
Maryland House Bill 1059 (2023) - AI Accountability
House Bill 1059, passed in 2023, focuses on establishing an Artificial Intelligence Governance Task Force to study and make recommendations on the responsible use of AI by state agencies, including potential biases and ethical considerations.
This policy will influence how tech companies develop and deploy AI solutions, potentially leading to new compliance requirements and ethical guidelines for innovation.
Maryland Senate Bill 763 (2024) - Cybersecurity Investment Tax Credit
Senate Bill 763, introduced in 2024, proposes a tax credit for businesses that invest in cybersecurity hardware, software, or services to protect sensitive data and infrastructure.
This policy incentivizes tech and life sciences companies to enhance their cybersecurity measures, fostering investment in security solutions and expertise.
Maryland House Bill 657 (2024) - Biotech Investment Incentive Program
House Bill 657, proposed in 2024, seeks to establish a new state program offering grants and tax incentives to emerging biotechnology companies conducting research and development in Maryland.
This policy directly supports the growth of life sciences startups, encouraging innovation and job creation within the industry.
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