Michigan’s Medical Main Street Quadruples First Year Investment
Oakland County announced that its Medical Main Street economic development effort 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 job
* Henry Ford Health Systems (Tech Office) – Rochester Hills, $5 million, 150 new jobs, 300 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.
Oakland County, Michigan’s Medical Main Street is a unique alliance of world-class hospitals, universities, medical device, biopharma companies and some of the country’s top medical professionals creating a global center of innovation in health care, research and development, education and commercialization in the life sciences industry.
Medical Main Street has assembled a board of industry leaders to provide advice and support to this initiative. The board includes: William Beaumont Hospitals, Ferndale Laboratories, Henry Ford Health Systems, Housey Pharmaceuticals, Beckman Coulter Molecular Diagnostics, McLaren Health Care Corp., MichBio, Oakland University, Providence Park Hospital, Rockwell Medical Technologies, Somanetics, St. Joseph’s /Trinity Health, Oakland Community College and Crittenton Hospital.
The alliance also includes representatives from a wide range of organizations that support the mission of Medical Main Street. These ambassadors support the effort by: assisting in marketing and promoting our region, providing introductions for county officials to health care suppliers and life science companies, and participating in and providing support staff for Medical Main Street task forces and events.
Medical Main Street is part of Oakland County’s Emerging Sectors business attraction and retention strategy, which has generated more than $1.6 billion of new investment and created or retained 34,000 jobs in the county since 2004.
More at www.MedicalMainStreet.org.