ANN ARBOR, MI, USA, March 28, 2022 /EINPresswire.com/ — MichBio and the Michigan Economic Development Corporation (MEDC) are entering into a partnership to support more opportunity, investment and growth in Michigan’s medical device sector, a focused industry in the state and a vital part of the MEDC’s efforts to enable upward economic mobility across the state.
Partnership brings together MEDC’s statewide business resources, economic development infrastructure and reach with MichBio’s deep industry knowledge, state and national partner relationships and extensive network of medical technologies. Together, the two organizations will work to research, develop, and implement industry growth strategies, lead domestic and international direct investment efforts in Michigan organizations, connect Michigan businesses to available resources, and implement highlight the considerable economic impact of the medical technology industry. in the state.
“MichBio has always worked closely with the MEDC in areas where our missions overlap,” said Stephen Rapundalo, PhD, President and CEO of MichBio. “This partnership allows us to focus our resources on Michigan’s medical technology sector and implement strategies – new and existing – that we believe are essential to driving the growth of the medical device industry in the state. As the 10th largest in the nation, Michigan’s medical device industry contributes significantly to Michigan’s economy and labor market, and makes Michigan a center for medical technology innovation. MichBio looks forward to partnering with the MEDC to drive the growth of the medical technology sector. »
Michigan’s medical device industry includes more than 300 organizations in every corner of the state, with thriving medical device communities in Marquette, Grand Rapids, Saginaw, Southfield, Kalamazoo and elsewhere. Employing more than 12,000 people, the medical technology sector represents more than 30% of Michigan’s entire life sciences industry, and products developed and manufactured in Michigan are used by healthcare providers in health around the world.
“At MEDC, we recognize the importance of the medical device sector to the state’s economy and to driving the growth of investment in the state – both financially and in the form of supporting and developing the industry ecosystem,” says Mark Ignash, Sector Development Director at MEDC. “Highly skilled industries like the medical device sector are important drivers in making Michigan a great place to start a business, get an education, establish a career, and raise a family. MEDC is excited to work with MichBio to support this vital sector in a more meaningful way and continue to make Michigan a better place to live and work.
In addition to Michigan’s robust R&D and investment activity in the medical device industry, the state is also home to a thriving entrepreneurial environment for startups looking to commercialize their medical device technologies. According to the Michigan Venture Capital Association’s 2021 Annual Research Report, the life sciences and information technology sectors continued to be the focus of capital deployment in 2020. Among the startups that received funding of venture capital firms in Michigan in 2020, 34% were life sciences. companies.
“Michigan has a proud history of breakthrough pharmaceutical discoveries and life science achievements, and that legacy continues today with the continued investments and growth of our medical device ecosystem,” said Fred Molnar. , vice-president, entrepreneurship and innovation at the MEDC. “We are excited to expand our collaboration with the MichBio team as we send a clear message that the innovations of the future will be discovered, tested and deployed here in Michigan.”
MichBio is the trade association committed to driving the growth of Michigan’s bioscience industry and its many sectors, including agri-biotechnology, food and nutrition, bio-based technologies, and renewable chemicals. , industrial and environmental biotechnology, medical devices and technologies, pharmaceuticals and consumer healthcare, diagnostic and research products, testing and research services, and clinical research. MichBio members include bioscience companies, academic and research institutions, bioscience service providers, and related organizations. For more information, visit www.michbio.org or follow us on Twitter @MichBio.
About the Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and primary advocate for business development, employment awareness, and community development, with a focus on growing Michigan’s economy. For more information about the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourist information, your trip starts at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn and Twitter.
Public Information Officer