The Alliance for Building Better Medicine Richmond-Petersburg, a coalition of public and private sector stakeholders, alongside Governor Glenn Youngkin, have celebrated National Essential Medicine Shortage Awareness Day by announcing a substantial investment of $111 million. This funding, contributed by federal, state, local, and private supporters over the past three months, is set to expedite the development of the advanced pharmaceutical and manufacturing cluster in Central Virginia. The initiative responds to the nation’s urgent need for quality, affordable medicines and will aid in addressing critical medicine shortages. The investment is part of the Build Back Better Regional Challenge backed by President Biden’s American Rescue Plan, and it is expected to rebuild regional economies, foster inclusive recovery, and create thousands of jobs in future-oriented industries such as clean energy, next-generation manufacturing, and biotechnology.
Investments in Advanced Pharmaceutical and Manufacturing Cluster
Richmond/Petersburg, VA, September 09, 2022 – Alliance for Building Better Medicine, a coalition of public and private sector stakeholders in the Richmond-Petersburg region, and Governor Glenn Youngkin yesterday honored National Essential Medicine Shortage Awareness Day by announcing $111 Million has been invested by federal, state, local, and private supporters over the past three months to accelerate the development of the advanced pharmaceutical and manufacturing cluster emerging in Central Virginia.
Recent Investments and Progress
Governor Youngkin and Alliance for Building Better Medicine leaders detailed the series of recent investments designed to address the nation’s pressing need for quality, affordable essential medicines as an example of the region’s progress toward addressing critical medicine shortages. In addition, Governor Youngkin signed a proclamation recognizing National Essential Medicine Shortage Awareness Day in the Commonwealth of Virginia.
Build Back Better Regional Challenge and Funding
Governor Youngkin celebrated the recent Build Back Better Regional Challenge investment awarded to the public and private sector stakeholders in the Richmond-Petersburg region, working together as a coalition known as the Alliance for Building Better Medicine.
Impact of Funding and Projects
Funded by President Biden’s American Rescue Plan and administered by the Commerce Department’s Economic Development Administration (EDA), the Regional Challenge provides each award winner funding to rebuild regional economies, promote inclusive and equitable recovery, and create thousands of good-paying jobs in industries of the future such as clean energy, next-generation manufacturing, and biotechnology.
Recognition and Future Initiatives
During the celebratory event, Governor Youngkin and the Alliance for Building Better Medicine recognized coalition members from across the Richmond-Petersburg region who joined together to make these historic investments possible.
Question & Answer
What was announced by the Alliance for Building Better Medicine Richmond-Petersburg on National Essential Medicine Shortage Awareness Day?
The Alliance announced a substantial investment of $111 million to expedite the development of the advanced pharmaceutical and manufacturing cluster in Central Virginia.
Who contributed to the $111 million investment in the advanced pharmaceutical and manufacturing cluster?
The funding was contributed by federal, state, local, and private supporters over the past three months.
What is the purpose of the investment in the advanced pharmaceutical and manufacturing cluster?
The investment aims to address the nation’s urgent need for quality, affordable medicines and help in addressing critical medicine shortages.
What initiative is the $111 million investment part of?
The investment is part of the Build Back Better Regional Challenge backed by President Biden’s American Rescue Plan.
