Relating to bioscience-based economic development, the establishment of a bioscience development corporation, and membership on the Iowa innovation council. Effective 7-1-19

The bill defines “bioscience-based economic development” as economic development related to industries involved in any of the “bioscience development platforms”, which are defined as industries involved in vaccines and immunotherapeutics, biobased chemicals, precision and digital agriculture, and medical devices and diagnostics. The bill changes the number of members who are selected by the board for the Iowa innovation council. Members who are representatives from businesses in targeted industries increase from 7 to 14, and members who are individuals who serve on the technology commercialization committee, or other committees of the board, and who have expertise with the targeted industries are reduced from 13 to 6. In addition, one member will be selected by the board and must have experience supporting businesses in the targeted industries. Currently, that member is selected by the governor and has to also serve on the Iowa capital investment board. The bill provides that a member serving on the council immediately prior to the effective date of this Act shall continue to serve until the member’s term expires.