The Medical Device Manufacturing Multiplier (MDM2) consortium recently took 8 of our consortium members on a best practice trip to Minneapolis, an EDA designated tech hub focused on medtech. The goal of this trip was to learn from the successes of the Minneapolis MedTech 3.0 Coalition and gain insights. Through this best practice trip, we also wanted to initiate conversations and opportunities for future collaborations.
Why Minneapolis
The medical device manufacturing industry in Minneapolis and Greater Phoenix shows similarities as both regions are emerging as major hubs of innovation and growth. Both Minneapolis and Greater Phoenix are home to major companies like Medtronic, Abbott, and Mayo Clinic. These companies have shaped the healthcare landscape, helping the city's reputation as a center for cutting-edge research and development in medical devices. Minneapolis also benefits from strong academic partnerships that help to continue advancements in technology.
Greater Phoenix is quickly positioning itself as a leading center for medical device manufacturing. There has been significant investment in infrastructure and education, startup activity, and business expansions. Greater Phoenix is fostering collaboration between businesses, research institutions, and universities, which is helping to drive technological advancements and economic growth.
Meeting Industry Leaders
During our visit to Minneapolis, we met with several organizations in the MedTech industry including Abbott, Destination Medical Center, Discovery Square, Mayo Clinic Innovation Exchange, Minnetronix, WorkWell and members of the Greater MSP MedTech 3.0 coalition.
Abbott is a global manufacturer of healthcare products, with locations in both Minneapolis and Greater Phoenix. The Plymouth facility is the biggest site in Minnesota, manufacturing Structural Heart and Electrophysiology products.
Destination Medical Center (DMC) is a unique 20- year economic development initiative, with a $5.6 billion plan, which is the largest in Minnesota’s history. Officials determined there was a compelling interest in authorizing public investments in Rochester to help support Mayo Clinic in Rochester as a global medical destination center. Discovery Square is a 16 block sub-district built in collaboration with Mayo Clinic in a highly connected urban life science hub. Mayo Clinic Innovation Exchange launched in 2020 offers access to resources that transform ideas, develop products, and scale business faster, currently helping 75 startups in the last 5 years, with 54% in Rochester.
WorkWell is a coalition of 20 plus workforce development nonprofit organizations that are working together to address Minnesota’s significant worker shortage and continued racial disparities through the preparation of overlooked population workers.
Minnetronix is a medical technology and device company that is creating value in key technological segments, including RF energy, fluid and gas management, optical systems, stimulation, and active wearables.
Key Takeaways and Next Steps
Our Best Practice Trip was a great overall experience. Here are some of the key takeaways we brought back.
Medical device companies are facing challenges in automating labor-intensive processes and managing supply chain issues, particularly in sterilization.
Destination Medical's funding enables strategic growth through Mayo expansion and initiatives like Discovery Square to boost job creation. The Mayo Clinic Innovation Exchange facilitates global startup collaborations and clinical trials, focusing on workforce development and research opportunities.
MedTech 3.0 illustrates the region's commitment to innovation through strategic partnerships, data sharing, and workforce development, aiming to foster growth in sectors like healthcare and advanced manufacturing while addressing gaps in equity and training.
WorkWell engages employees in sector-specific training programs, such as Medtronic's medical equipment training, to address local employment needs. By focusing on community development and sharing best practices, the consortium aims to tackle economic disparities and enhance recruitment for specialized roles.
Looking forward
With these insights, we are excited to apply what we’ve learned to Greater Phoenix. Our trip to Minneapolis emphasized the importance of innovation, collaboration, and continuous improvement in the medical device manufacturing industry. We’re looking forward to implementing new strategies and continuing our journey towards success.