INSTRUMENTATION LABORATORY AWARDED MASSACHUSETTS LIFE SCIENCES CENTER TAX INCENTIVE
Diagnostics Leader’s Growth Spurs New Jobs Creation in the Commonwealth
Bedford, MA - September 19, 2018
Instrumentation Laboratory (IL), today, announced their $525,000 tax incentive award from the Massachusetts Life Sciences Center (MLSC) as part of the Life Sciences Tax Incentive Program. The Program is designed to foster job growth in life sciences within the Commonwealth. This is the fourth time IL has been granted this highly selective award. Job creation is the critical driver of the Tax Incentives Program. Since 2011, IL has grown its North America employee base by more than 900 people, including 314 in Massachusetts. The majority of these employees are highly skilled scientists, engineers and managers based at its headquarters in Bedford, Massachusetts. This growth has been driven by a 200% increase in North American sales for the 7-year period.
“We are extremely honored to, once again, receive the MLSC award which will allow us to continue investing in developing talent in our community. We offer very rewarding careers for individuals from all backgrounds and levels of education, and we are proud of the contribution our employees make to the economy of the Commonwealth,” said Ramon Benet, CEO at IL. “Quality recruitment remains a top corporate priority for IL and is a critical component of our reputation for excellence and innovation in diagnostics.”
Founded and based in Massachusetts since 1959, IL is dedicated to developing, manufacturing and commercializing innovative Hemostasis and Acute Care Diagnostics products and services. Every day, over one million samples of blood are tested on IL systems around the world. At its headquarters and technology center in Bedford, MA, IL employs more than 250 highly skilled scientists and engineers, focused on the development of state-of-the-art systems for clinical laboratories worldwide. IL will apply the MLSC award to expand its employee base, ultimately enhancing the Company’s robust product portfolio, spanning from analyzers and reagents to information management solutions.
The Board of Directors for MLSC awarded $20 million in tax incentives to 23 life sciences companies. The recipient companies have committed to creating more than 1,100 new life science-related jobs in the Commonwealth in 2018. The Life Sciences Tax Incentive Program was established in 2008 as part of Massachusetts’ 10-year, $1 billion Life Sciences Initiative. The primary goal of the program is to incentivize life sciences companies to create new sustained jobs in Massachusetts.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center is an economic development investment agency dedicated to supporting the growth and development of the life sciences in Massachusetts. Through public funding initiatives, the MLSC supports innovation, research and development, commercialization, and manufacturing activities in biopharma, medical device, diagnostics, and digital health. Since its creation in 2007, the MLSC has strategically deployed over $700 million in the state through a combination of grants, loans, capital infrastructure investments, tax incentives and workforce programs. These investments have created thousands of jobs, and propelled the development of new therapies, devices, and scientific advancements that are improving patient health and well-being in Massachusetts and beyond. www.masslifesciences.com