MedTech — a Syracuse–based trade association for bioscience and medical technology (bio/med) companies in New York state — has just released its 2014 bio/med industry report, providing a snapshot of the industry in the Empire State, with special emphasis on upstate New York. The report, called “Bio/Med Breakthroughs: Advancing New York State’s Innovation Economy,” was […]
MedTech — a Syracuse–based trade association for bioscience and medical technology (bio/med) companies in New York state — has just released its 2014 bio/med industry report, providing a snapshot of the industry in the Empire State, with special emphasis on upstate New York.
The report, called “Bio/Med Breakthroughs: Advancing New York State’s Innovation Economy,” was issued Sept. 15 at the MEDTECH 2014 conference in Albany.
The data encompassed in the report comes from many sources, including in-depth quantitative and qualitative research and analysis, according to a MedTech news release.
The life-science market research specialist firm, KJT Group of Honeoye Falls surveyed and conducted interviews with bio/med industry executives regarding the challenges and opportunities they saw for the industry, with a specific eye on workforce development in New York, the release stated. The economic-development consulting organization, Battelle’s Technology Partnership Practice, provided employment and trend data and academic and industry best practices to MedTech’s industry report. Both analyses address the industry in general, plus workforce/talent development and economic impact.
“The study reveals a developing ecosystem on par with some of the country’s hottest Bio/Med locales,” MedTech said in the release.
The study explored the economic impact of the industry in seven regions in upstate New York. It found that the bioscience industry is a major economic driver in the Central New York economy, accounting for 19 percent of the region’s overall economy. The region has the second-largest composition of bioscience employment in all of upstate New York, according to the news release. The industry’s strong penetration within the region further amplifies the impact of any losses or gains in regional bioscience-related employment, according to the release.
Central New York directly employed more than 4,600 people in the biosciences, as of 2012, down 4 percent from 2007. However, MedTech contends the study’s findings indicate opportunity for the region to “face this challenge.”
Medical device and equipment production is 26 percent more concentrated in upstate New York when compared to the national average. The growing research, testing, and medical lab concentration tops the national average by 12 percent, according to the analysis by Battelle’s Technology Partnership Practice.
These trends are also reflected in Central New York where medical device and equipment employment is 69 percent more concentrated than the national average, and research, testing and medical labs’ employment is 67 percent more concentrated, the release noted.
MedTech believes Central New York is positioned to capitalize on regional strengths that are growing such as in-vitro diagnostic substance manufacturing and life-science commercial research and development. Surgical and medical instrument manufacturing continues to be strong, but, its recent loss of jobs makes it a “retention priority” for the region, MedTech said.
“With some of the work that’s going on in New York State, this industry has got a lot of new and exciting opportunities over the next three to five years,” Mike Bovalino, president of stem cell research equipment maker BioSpherix in Oswego County, said in the MedTech news release. “If we’ve got the right people who can continue to be competitive in New York State, they’re going to reap some of the benefits.”
Central New York’s workforce composition is further evidence of its regional strengths in the biosciences. A number of bioscience-related jobs are considered specialties with concentrations significantly higher than the national average including medical and clinical laboratory technologists, dental laboratory technicians, and ophthalmic laboratory technicians.
For a full copy of the 2014 bio/med industry report, visit www.nybiomedreport.com.