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Thursday, April 26, 2018
High-tech innovation continues to be an emerging contributor to Michigan’s economy, with significant success coming out of the medical device sector of the biotech and health care industries.
High-tech innovation continues to be an emerging contributor to Michigan’s economy, with significant success coming out of the medical device sector of the biotech and health care industries. With investment from the state and its partners, innovative medical device developers and companies across Michigan continue to exceed the national average growth rate, enhance employment offerings and showcase competitiveness within the sector across the nation.
“Medical device innovation is booming throughout Michigan,” said Fred Molnar, vice president of entrepreneurship and innovation at MEDC. “At the core of the sector’s success is continued collaboration between innovators, investors, businesses and development organizations throughout the state.”
Sustained medical device advancements and growth throughout Michigan are also largely in part due to investments and support offered by organizations across Michigan. The life science sector remains a main focus of capital deployment, with 42 percent of total venture capital invested in medical device development in 2017.
Innovators in the development stage can gain access to education, training and expert counsel at regional SmartZones, Michigan Small Business Development Center business services, and state-of-the-art offices and laboratories at the Michigan Life Sciences Innovation Center. Events such as the MedHealth Summit, led by TechTown and Pure Michigan Business Connect, also foster innovators in this sector. Utilizing its expertise in partnership development, PMBC can help take medical device startups to the next level by facilitating collaborations between local, national and global companies for supply chain sourcing.
"By attending the MedHealth Summit, my team was connected to mentors and health care industry leaders within Michigan’s strong entrepreneurial community that have helped accelerate the development of our business and main product offering,” said Rob Zondervan, founder and CEO of Steridev. “The event is a great opportunity for entrepreneurs to develop partnerships and uncover resources essential to their company’s growth.”
Over the last six years, Michigan has led developments in the medical device sector. The state has outpaced the nation’s average growth rate by three percent with 305 device companies offering more than 11,000 jobs. Michigan also ranks as the second largest workforce for key occupations in high demand by the sector, has a strong educational pipeline for industrial and medical engineers, offers competitive labor costs with wages below the national average, and has spent $17.1 billion on research and development.
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