Medical Main Street Quadruples First Year Investment
Oakland County’s Medical Main Street had a strong 2010 as six life science companies located or expanded their operations in Oakland County, generating new investment of more than $21 million and creating or retaining about 600 jobs.
The 2010 investment is four times the $5.2 million investment pledged by four Medical Main Street companies in 2009. In the two years since its creation, Medical Main Street has attracted or retained 10 life science companies, generated investment of about $27 million and created or retained more than 900 jobs.
“Medical Main Street continues to show phenomenal growth,” Oakland County Executive L. Brooks Patterson said today. “I’m convinced over the years it will make Oakland County and Southeast Michigan a destination for excellence in health care and the life science industries.”
The 2010 Medical Main Street companies, their Oakland County location, planned investment, and total jobs created or retained, are:
Royal Oak Medical Devices – Oxford, $4 million, 21 new jobs
PRISM – Troy, $40,000, 2 new jobs
Oxus – Rochester Hills, $2.5 million, 31 new jobs
CJPS Medical Systems – Auburn Hills, $7.5 million, 100 new jobs, 2 retained jobs
Henry Ford Health Systems (Tech Office) – Rochester Hills, $5 million, 150 new jobs, 300 retained jobs
Oxid Corp. – Novi, $4 million, 25 new jobs, 40 retained jobs
Patterson created Medical Main Street in 2008 to focus on growing the life science industry in Oakland County and Southeast Michigan. The county’s burgeoning life science industry includes 93,000 health care and life science jobs and more than 4,300 life science and medical facilities. The county is projected to add 45,000 health care and life science jobs in the next 10 years, according to a study conducted by the Anderson Economic Group. There are nearly 4,900 active clinical trials throughout Oakland County and the state – more than California, Florida, Texas and New Jersey.
Medical Main Street generated new investment of more than $9 million while creating almost 250 new jobs in its first full year.
In addition to company attraction, Medical Main Street helps entrepreneurs commercialize their life sciences technologies, assists local life sciences companies grow their markets globally, trains the work force for this industry, and works with state government to ensure Michigan is legislatively a top state for life sciences companies.