The 2012 Mass Tax Credit Transparency report revealed that about $17 million was awarded to life science companies. In total $159.2 million in state tax credits were issued this year, with 11% going to life science companies. The $17 million was distributed to 28 different companies to improve life science research and investments
The largest category in the life science is the research credit, which received just under $7 million. This is due to the yearly increases in expenses in the state. $1.8 million of that seven went to Biogen Inc., a biotechnology company, that manufacturers drugs for the treatment of multiple sclerosis as well as other diseases. Shire Human Genetic Therapies Inc. was awarded $3 million, the largest amount for investment tax credit. In 2010 Shire began a $400 million venture into Lexington Technology Park. Along with investment and research credits, job credits were also awarded. Enough was issued to create at least 50 total new full-time jobs in the state of Massachusetts.
Read more details about the tax credits to life sciences companies here.
After 128 years in business, the contract manufacturing firm, the Coghlin Companies knows what they are doing. Four generations of the firms have dedicated themselves to meeting the needs of companies bringing products to market quickly and cost-effectively.
As a global source for contract manufacturing, the Coghlin Companies is helping clients capitalize on opportunities in their marketplace by offering flexible time-to-market design and manufacturing services. They serve clients in the military, information technology, and manufacturing industries with a penchant for new product introductions and meeting design challenges.
WIth more than one hundred years of experience manufacturing complex products, the caring associates of Coghlin also provide consulting expertise, such as design modifications to save time and money, to help clients get to market faster.
The strive for excellence is not just driven by the desire to help clients, but also by a family tradition of giving back to the community. The Coghlin Companies were 2013 recipients of the Central Mass Family Business Award presented by the Worcester Business Journal and recently had a record-breaking fundraising drive for the United Way. “Growing up around the kitchen table we’d hear, ‘The joy is in the giving,’” said Jim Coghlin, chief operating officer and the driving force behind the Coghlin Companies’ annual campaign to support the United Way.
The Coghlin Companies also shares its community philosophies with customers and suppliers, showing that giving back is a core value of the firm. “We tell our clients the more successful we are as a company, the more opportunities we have to give back,” said Coghlin.
Choosing where to manufacture your goods is an important part of a company’s business model. Many companies choose to to manufacture their products offshore in Asia because low labor rates made offset the increased transportation costs.
However, labor prices across Asia, especially in China, are rising, making the gap between narrowing the gap between Asian firms and US contract manufacturers, like Worcester’s the Coghlin Companies.
A recent study in The Economist compared the costs of manufacturing in America to those offshore. The study found that found that California was only about 10% more expensive than China. When companies add up soft costs, such as travel, the benefits of manufacturing in Asia quickly disappear.
According to the Coghlin Companies, there are many other factors to consider when deciding where to manufacture your goods. Contracting with a manufacturer in the United States provides legal coverage for your intellectual property and you can be certain that the manufacturer is in compliance with labor laws.
Choosing to manufacture in the United States also allows flexibility in the volume of product you need instead of producing high volumes to maximize the shipping rates. And you get your products more quickly, meaning they get into your customer’s hands faster.
New product lines or significant changes to a product often requires Engineering Change Orders (ECOs), sometimes in the final phases of production. With the product launch in balance, no one wants to have miscommunications delay production or have to wait to work through an issue because of time zone differences.
Reshoring your manufacturing by contracting with a United States firm, companies can get their goods faster and with less risk of mishaps along the way.
Imagine every application that requires lighting in your commercial facility. Can’t wrap your head around it? Needless to say, lighting can be a huge percentage of your annual energy costs. Energy efficient lighting like LED wall packs or LED bollard lights from Access Fixtures can make a significant difference in your energy bill.
Surprisingly, 22% of America’s facilities have never undergone any type of lighting upgrade, or it has been more than 10 years since work has been done, according to a survey in the April 2013 issue of Today’s Facility Manager. That means 1.1 million facilities are wasting energy—and wasting money.
You can start to calculate how much you’re spending each year by using an annual cost per watt . For example, energy is priced at approximately $0.15 per kilowatt hour in the Boston area. A walkway in a commercial area has 20 bollards equipped with 70 watt metal-halide lamps and ballasts. If the luminaires are on 7 days a week for ten hours a day, it would cost $0.55 for each watt and $770 in total annual costs.
LED lighting tells a different story. What if the same bollards are equipped with 15 watt LED modules and drivers? If the luminaires are on 7 days a week for ten hours a day, it would cost $0.55 for each watt and $165 in total annual costs. For each year they delay switching to efficient lighting, they’re losing $605—only on the bollards! By considering all indoor and outdoor lighting, the difference can be thousands of dollars.
With advanced LED technology and decreasing prices, LEDs now have a faster return on investment than ever before. Calculate how much money you’re wasting on energy costs using an annual cost per watt chart. Is it time to make a change?