INVESTMENT PROFILE: GREATER PHILADELPHIA, PENNSYLVANIA A Region of Firsts

Greater Philadelphia hen George Morgan structure that distinguishes Greater wrote the history Philadelphia as a global leader leverages its historic of Philadelphia and in health care innovation.” position as a global titled it The City of Its founding members include W Firsts in 1926, he Ben Franklin Technology Partners leader in life sciences. probably never envisioned that one of Southeastern Pennsylvania; day that moniker would ring true The Children’s of in so many life-science disciplines. Philadelphia; Christiana Care by RON STARNER But it has — and thanks to Health System; Comcast; Drexel a new coalition of life-science University; Independence Blue [email protected] industry leaders throughout the Cross; Safeguard Scientifics Inc.; tri-state Greater Philadelphia region, Thomas Jefferson University and more firsts are likely to come. Jefferson Health; and University Philadelphia, which gave of Pennsylvania Health System. America its first hospital in 1751 “With seven medical schools, and introduced medical publishing three pharmacy schools, three in the early 1800s, is once again dental schools and many other flexing its medical muscle in the specialty schools, Greater form of the Health Care Innovation Philadelphia is a powerhouse Collaborative. An initiative of the of life-science research and CEO Council for Growth, a unit of educational access,” says Matt Dr. Janice E. Nevin, president and CEO of Christiana Care the Greater Philadelphia Chamber Cabrey, executive director of Select Health System in , has presided over a comprehensive expansion of one of America’s top-rated . of Commerce, the Collaborative Greater Philadelphia. “No other Photo courtesy of Christiana Care Health System serves as a multi-institutional region of the world can say this. Greater Philadelphia truly is a region of firsts — the first hospital, the first school of pharmacy, and more recently, the first pediatric double hand transplant. The roots of successful research are here, and our focus is on continuing to attract talent and identify the health care solutions of the future that allow people around the world to live better, healthier lives.”

‘Center of the Healthcare Universe’ Various industry leaders who are partners in the Collaborative agree. Gary Kurtzman, managing director of Safeguard Scientifics, a private company that provides capital to healthcare firms, notes that “we are a good example of the innovation that is occurring

A SITE SELECTION INVESTMENT PROFILE: SELECT GREATER PHILADELPHIA MAY 2016 35 We want to be part of a conversation around the new ideas that are out there, including potential innovations for healthcare.” — Dr. Janice E. Nevin, President and CEO of Christiana Care Health System

in this region. We are 60 years old, and we cancer treatment, gene therapy and immuno- were born and grew up in the Philadelphia oncology. “Penn Medicine is a world leader in area. Geographically, this is a great place to be. that field,” Kurtzman adds. “Orthopedic surgery This is the center of the health care universe.” is strong here. And The Children’s Hospital of He notes that “in technology, science and Philadelphia is a world leader in pediatrics.” policy, this region is on the vanguard of major Roy Rosin, chief innovation officer at Penn medical breakthroughs. Penn, Johns Hopkins Medicine, says that “we are looking at novel and NYU are all either here or close by. A approaches to healthcare delivery, new ideas huge healthcare infrastructure is based here. and better ways of doing things. We have That makes it easy for us to find and hire the tremendously smart people. They are our best most talented people in the healthcare sector. assets. We work with internal and external Most of them live and work here anyway.” entrepreneurs. We help them take their ideas Safeguard invests in innovative initiatives and run experiments with them to see if they that have the potential to improve the way we can go to the marketplace and be successful.” think about, develop and deliver healthcare. “I Often, these tests lead to breakthroughs that am involved in helping a number of healthcare change lives. Derek Fitzgerald, for example, startups get launched,” Kurtzman says. “There nearly died of a weak heart after undergoing is a concentration of assets here. Three major chemotherapy, but a heart transplant at Penn healthcare systems are based in the region. Medicine gave him a second chance. Four years Increasingly, these providers are proving to later, he competes in Ironman Triathlons. be sources of innovation. The Health Care “That’s why we’re here,” says Rosin. Innovation Collaborative has the ability to “Innovation can and should be about making bring all of the major life-science organizations people healthier. The question we ask ourselves in the region together and accomplish every day is — how can we fundamentally much more than we ever could apart.” improve health care? Penn Medicine has always He cites the region’s competitive edge in been at the forefront of that effort. For example,

Eric Kmiec, Ph.D., director of the Gene Editing Institute at the Center for Translational Cancer Research at the Helen F. Graham Cancer Center & Research Institute, Christiana Care Health System which is planning to expand its main campus in Delaware. Photos courtesy of Christiana Care Health System

36 MAY 2016 A SITE SELECTION INVESTMENT PROFILE: SELECT GREATER PHILADELPHIA we had a surgeon who invented a way to make “Currently, we are planning the expansion of our tumor cells glow during surgery to make it Women and Children’s Services with a newly easier to identify and remove them. We have designed building at Christiana Hospital.” reimagined wound care, we have revolutionized Nevin adds that “we were very excited to join antibiotic management, and we have identified this new partnership. This is a very interesting new care models that deliver better outcomes time in healthcare, especially with digital and patient experiences at much lower cost, technology. We want to be part of a conversation for health issues ranging from hypertension around the new ideas that are out there, to miscarriages and diabetic retinal care.” including potential innovations for healthcare. Data science teams at Penn Medicine have We know our pain points. We feel that, through been working on identifying sepsis earlier, collaboration with other organizations in Greater he says, adding, “they’ve also been able to Philadelphia, we can turn those pain points into predict heart failure much earlier. Many other opportunities for new healthcare solutions.” medical breakthroughs are still in motion, so we are very optimistic about the future.” A Gateway for Innovators Keith Orris, senior vice president of A Region-wide Partnership corporate relations and economic development Dr. Janice E. Nevin, president and CEO at Drexel University, says that participating of Christiana Care Health System, based in in the Collaborative advances “a key goal Delaware, shares that optimism. “We think it is important for Delaware to be involved in this regional coalition,” she says. “We already collaborate with the Wistar Institute in Philadelphia, the nation’s first independent institution devoted to medical research and training, on translational cancer research, so this new Health Care Innovation Collaborative is a natural fit for us. We are applying with The Wistar Institute to become a joint National The Children’s Hospital of Philadelphia, recognized as Cancer Institute (NCI) designated cancer a world leader in pediatrics, center. At present there is no cancer consortium is undergoing extensive program in the U.S. between an NCI-designated expansion. Photo courtesy of The Children’s research program, such as Wistar, and Hospital of Philadelphia an NCI-selected Community Cancer Center, such as Christiana Care. This would be the first of its kind.” Christiana Care itself has been growing significantly. “We recently completed a multi-year transformation of our Wilmington Hospital Campus that has expanded the hospital by 337,000 square feet, creating a one million-square-foot, state-of- the-art medical center, featuring a new joint replacement unit, a new surgical suite, a new intensive care unit, an expanded , and a tranquil atrium and healing garden,” Nevin says.

Clinicians at Thomas Jefferson University, a partner in the Health Care Innovation Collaborative, analyze diagnostic images. Photo courtesy of Thomas Jefferson University and Jefferson Health

A SITE SELECTION INVESTMENT PROFILE: SELECT GREATER PHILADELPHIA MAY 2016 37 Innovation can and should be about making people healthier. The question we ask ourselves every day is – how can we fundamentally improve health care?” — Roy Rosin, Chief Innovation Officer at Penn Medicine

of the university’s strategic plan — to of patients with Parkinson’s disease. “The become a nexus for research, technology shaking and tremors that patients develop transfer and economic development.” currently have no cure. This new treatment may The centerpiece of Drexel’s efforts is Schuylkill provide hope for the relief that patients and Yards, a 14 acre, $3.5 billion knowledge and their families desperately need.” McGrath says. innovation community that is being developed Drexel engineers collaborated with other in collaboration with Brandywine Realty researchers in Philadelphia decades ago, leading Trust. Located in University City, home to to the development of the ultrasound machines a large and unique collection of educational used today in clinics and hospitals everywhere. and medical institutions, the project will be “That’s what we do,” says Orris. “We develop completed in phases over the next 20 years. products that transform healthcare. With “With its location adjacent to the nation’s our pipeline of intellectual property and the third busiest rail station, Schuylkill Yards will new innovation community we’re creating connect innovators and entrepreneurs along in Schuylkill Yards, we see an exceptionally major metropolitan centers along the east coast bright future for Greater Philadelphia.” and beyond, while also serving as the gateway to our campus and University City.” says Orris. At the Forefront of Tele-health “We see it as a very intentionally designed, Marc Siry, vice president for strategic Marc Siry, mixed-use community that will bring together development at Comcast, sees that same vice president for researchers, lab space, entrepreneurs, innovators, future incorporating the use of modern strategic development, Comcast corporate partners, artists, and designers.” And telecommunications systems in the delivery of Schuylkill Yards already has its first tenant: PHL healthcare. Next Stage Med, a medical device accelerator. “We feel that technology is transforming “Drexel’s Shima Seiki Haute Technology healthcare and life sciences,” he says. “The core of Lab pushes the envelope of new technology in that transformation has been the ability to share healthcare,” adds Orris. “The U.S. Department and deliver information at ever increasing speeds of Defense recently selected a national team using broadband technology. We believe we can of universities and companies to pioneer the be part of that transformation by being part of development and manufacturing of advanced the Health Care Innovation Collaborative.” fibers and textiles, and Drexel’s capabilities in Tele-health services are the wave of the future, design and rapid prototyping are central to that says Siry. “Doctors want to be able to reach their initiative. Some of our earliest efforts focused patients in ways that are most convenient. Video on the development of an integrated medical chats could be a possible option between the device for fetal monitoring during labor, which patient and the attending physician. Broadband was created almost entirely from advanced fibers capability will be a key asset in tele-health. and knitted electronics. We’re designing and Philadelphia is already a leader in life sciences and This Investment Profile prototyping the smart fabrics of tomorrow.” health care, so it only makes sense that we also was prepared under the Bob McGrath, senior associate vice provost become a national leader in tele-health.” auspices of Select Greater for technology commercialization reported that Speaking for others in the Collaborative, Siry Philadelphia. Drexel invests more than $1 million annually says that “the main goal of this new coalition For more information in developmental research through programs is to drive innovation in healthcare by bringing contact Jeanne like Drexel Ventures, Coulter Translational together all of the leading organizations in the Nevelos at 215-790- Research Partnership, and the Clinical and Philadelphia area. We’ve created an environment 3726 or jnevelos@ Translational Research Institute that help its that attracts innovators from around the country selectgreaterphila.com. start-ups avoid the “valley of death,” with the and the world. When it comes to life sciences, On the Web, go to goal of ultimately reaching the market. For Greater Philadelphia has a lot to celebrate — in www.selectgreater example, Drexel has invested in a new medicine its past, today and tomorrow.” philadelphia.com. developed by a faculty member for the treatment

38 MAY 2016 A SITE SELECTION INVESTMENT PROFILE: SELECT GREATER PHILADELPHIA