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Stephen Rapundalo, CEO, MichBio

Life science company executives and investors say the state of Michigan could take several big steps to further boost growth in the state's pharmaceutical, medical device and biotechnology industries.

The first, they say, is to reinstate, reorganize or refund the Venture Michigan Fund, a highly successful economic program that began in 2003 run by the 21st Century Jobs Fund under the John Engler and Jennifer Granholm administrations.