Bioscience is a significant contributor to Iowa's economy, and the state should capitalize on its competitive advantages by establishing a public-private Iowa Bioscience Development Center, according to a report issued Tuesday.

The study, commissioned by the Iowa Economic Development Authority, also proposes that Iowa increase capital available for investment in bioscience companies; ensure continued legislative support for existing innovation ecosystem development programs; and improve connectivity and collaboration between key stakeholders.

The report suggested an Iowa Bioscience Development Center would be focused on coordinating existing assets and strategy implementation while advancing specific business areas and overall sector growth.

"The analysis of Iowa's bioscience industry gives us a foundation on which to base our strategy development and course for implementation," said Doane Chilcoat, chair of the Iowa Innovation Council and director of applied science and technology at Pioneer DuPont. "Innovation is a necessary part of economic development. The future of Iowa's economy depends upon our commitment to capitalize on this opportunity."

The study identified four platforms for the future of Iowa's bioscience development: medical devices, biobased chemicals, precision and digital agriculture; and vaccines and immunotherapeutics.

Gov. Kim Reynolds discussed the study during a news conference Tuesday at the Pioneer DuPont complex in Johnston. She described the findings as providing a road map for economic development in Iowa's bioscience industry and she thanked business leaders who serve on the Iowa Innovation Council.

Reynolds said Iowa has seen "immense growth" in the bioscience industry in businesses that include global leaders like Pioneer DuPont and Poet biofuels. Iowa's three public universities are contributing by their work on plants, animal health and human biosciences, and the state is being helped by research incubators that take research from the lab into the real world, she added.

The state has 1,266 bioscience business establishments that provide 36 percent more employment in biosciences when compared to the national average, the report said. In addition, the average wage in biosciences is $67,673 compared to the average Iowa private sector wage of $41,964.

"The bottom line is that biosciences are critical to Iowa's current and future economic success," Reynolds said.

However, it's not clear yet where the proposed Iowa Bioscience Development Center will be located and how it will be funded. Reynolds suggested the report isn't about establishing new programs but more about realigning or taking advantage of existing strengths in Iowa.

Debi Durham, the state's economic development director, indicated Iowa officials will be meeting over the next year to discuss how they can utilize assets they already have in response to the report's findings. "There is not going to be any financial ask for the Legislature this year," she explained.

Durham also indicated that the report underscores her belief is that Iowa that can't be all things to all people in economic development.

"We play to our strengths and we approach economic development in a very strategic way," Durham remarked. She characterized the study as a "call to action" for developing a bioscience industry strategy.

The report was prepared by TEConmy Partners LLC, of Columbus, Ohio. which specializes in research for economic development. It's the third report on Iowa's bioscience industry, building on past studies conducted in 2004 and 2011.