As used in the Bioscience Development Act:

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A. “authority” means the New Mexico bioscience authority;

B. “bioscience” means the scientific areas represented by life sciences and biotechnology that are included in the five industries recognized by the United States department of labor:

(1)     drugs and pharmaceuticals;

(2)     medical devices and equipment;

(3)     research testing and medical laboratories; (4)     bioscience-related distribution; and

(5)     agriculture and chemicals related to bioscience;

C. “board of directors” means the board of directors of the authority;

D. “financial assistance” means tax incentives, grants, loans and other financial benefits provided for projects to a qualified entity on terms and conditions approved by the authority;

E. “national laboratories” means Los Alamos national laboratory and Sandia national laboratories; and

F. “research institutions” means the university of New Mexico, New Mexico state university and the New Mexico institute of mining and technology.