The Medical Main Street life sciences initiative of Oakland County, Mich., generated investment of more than $9 million and created almost 250 jobs in its first full year, according to the organization.
Medical Main Street was created 18 months ago by an alliance of hospitals, universities, medical device firms and biopharmaceutical companies in the county to grow the life science industry in Southeast Michigan, including Detroit, a city ravaged by losses in the automobile industry.
Medical Main Street helped five companies–from mail-order pharmacy NoviXus to medical products manufacturers’ representative RG Medical Diagnostics–expand, according to a press release. The county’s burgeoning life science industry already includes 93,000 health care and life science jobs, and more than 4,300 life science and medical facilities.
“We are thrilled at the progress we’ve made,” said Oakland County Executive L. Brooks Patterson in the organization’s release. “Businesses relocate and expand in Oakland County because we have the skilled and educated workforce, world-class universities, affordable real estate and attractive financial incentives to help companies thrive. Our business development representatives travel the world selling the benefits of locating in one of the premier business addresses in North America.”
Patterson realized the value of his county’s life sciences assets through several high-profile hospital expansions: the $600 million McLaren Health Village in Independence Township; the $224 million St. Johns-Providence Park Hospital in Novi; and the $310 million Henry Ford Health System Hospital in West Bloomfield, according to Prosper, the county’s magazine.
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 helps entrepreneurs commercialize their life sciences technologies and life sciences companies grow their markets globally. The organization also trains industry workers and works with state government to make sure Michigan is legislatively a top state for life sciences companies.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
