R.I. Gen. Laws § 23-99-2: Legislative purpose.

The purpose of this chapter shall be to create and lawfully manage the Rhode Island life science hub, a public corporation. The Rhode Island life science hub shall be the central entity and coordinating organization of life science initiatives on behalf of the state and shall:

(1) Facilitate the development of medical advances and scientific breakthroughs with companies that specialize in the fields of: medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, and life sciences; and

(2) Through targeted investment of grants, tax credits, and incentives, fund and incubate Rhode Island-based life science companies that will promote economic and workforce development within the state and that shall allow the state to successfully compete in the national and international life science industries.