BOSTON -- Gov. Deval Patrick signed a landmark bill Monday that aims to make Massachusetts a leader in the life sciences industry.

NewsCenter 5's Jim Boyd reported that Patrick presented the life sciences legislation before a standing room only audience at the Joslin Diabetes Center, one of the premiere research and treatment facilities in the world and a leader in the search for a cure for diabetes.

VIDEO: Gov. Signs Landmark Life Sciences Law

Before the signing, Patrick toured the facility and spoke with some of the pediatric patients.

The legislation is a 10-year $1 billion investment package that is aimed at attracting and retaining the best minds, companies and technologies the life sciences industry has to offer to the state.

The measure calls for $500 million in capital spending over the 10 years -- $250 million for investment in research and development and $250 million in tax incentives for certified life sciences projects.

The governor said the legislation is not about politics or economics, but more about improving the lives of people in Massachusetts and around the world.

"Tomorrow there may be a cure for diabetes, and that cure may well come right here in Massachusetts," Patrick said.

Pinning her hopes on the governor's optimism is 13-year-old Ashley Conley, of Weston, who was diagnosed with diabetes at age 2.

"Please help us find a cure for diabetes. We're counting on you," she said.

The Joslin Center is just one of the many world-class life sciences facilities in the greater Boston area. The life sciences legislation should help maintain that first class status, according to Marc Beer, chairman of the Massachusetts Life Sciences Center.

"What this bill will help us do is keep that leadership position and also transform that innovative technology to actual therapies," he said.