By Chris Yoo - Regional Innovation Officer
A Thriving Ecosystem of Innovation
The momentum of Arizona’s bioscience sector is evident in the recent developments and successes across the state. According to a recent study commissioned by the Flinn Foundation, Arizona’s research institutions received a record-breaking $365 million in National Institutes of Health (NIH) grants in 2023, marking a 29% increase since 2020 – three times the growth rate of the national average. This surge in funding underscores the vibrant research environment that supports innovation in diagnostics, pharmaceuticals, personalized medicine, genomics, and notably, medical devices.
The bioscience industry's growth in Arizona, and greater Phoenix in particular, is supported by a robust network of premier healthcare and educational institutions. This network includes established medical campuses at Mayo Clinic and the University of Arizona College of Medicine Phoenix as well as new and expanded medical schools, which are vital for creating a pipeline of skilled professionals. For instance, Creighton University Medical School opened its doors in Phoenix in 2021, and Arizona State University recently announced launching the ASU School of Medicine and Advanced Medical Engineering, aiming to enhance the medical workforce and improve health outcomes statewide. Similarly, Northern Arizona University plans to establish its College of Medicine in Flagstaff, focusing on training healthcare professionals to serve rural communities. Combined with medical innovation-focused districts like the Phoenix Biomedical Core, Discovery Oasis, and the Phoenix Medical Quarter, the region is primed to accelerate.
Collaborative Efforts and Economic Impact
Collaboration is at the heart of Arizona’s bioscience success story. The state’s growth in this sector is attributed to the collective efforts of public and private entities, a strategic vision set forth by initiatives like the Flinn Foundation’s Bioscience Roadmap. This long-term plan, established in 2002, continues to guide the state’s bioscience strategy, with updates scheduled for 2025 to adapt to new challenges and opportunities.
In 2022, the Seidman Research Institute reported that the bioscience industry contributed $71.2 billion to Arizona’s gross state product and supported nearly 714,000 jobs. This substantial economic impact highlights the importance of bioscience and medical device manufacturing in driving job creation and economic development.
Medical Device Manufacturing: A Key Player
Within this thriving ecosystem, the medical device manufacturing sector holds a pivotal role. Companies like W.L. Gore, Medtronic, Abbott, West Pharmaceutical Services, and Dexcom, which have established significant operations in Arizona, are prime examples of the industry’s potential. These firms not only provide high-quality jobs but also spearhead innovations that improve healthcare outcomes globally.
MDM2’s focus is on leveraging these strengths to build a world-class medical device manufacturing hub in Greater Phoenix. By fostering collaboration among stakeholders, investing in workforce development, and supporting venture creation, MDM2 aims to position Greater Phoenix as a leader in this critical industry.
The Path Forward
The future of medical device manufacturing in Greater Phoenix looks promising, with MDM2 at the forefront of this transformation. Our consortium is dedicated to creating a thriving ecosystem that not only supports current industry leaders but also nurtures the startups and innovators of tomorrow. As we continue to build on the state’s robust bioscience foundation, we are confident that Greater Phoenix will become a premier destination for medical device manufacturing, driving economic growth and improving health outcomes for all.
Comments