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Medical Innovation & Technologyindustry Profile Medical Innovation & Technology Industry Profile Photo courtesy dpiX Colorado Springs 2016 Colorado Springs Medical Innovation & Technology Industry Competitive Advantages Medical Innovation & Technology Industry Cluster Colorado Springs is home to a thriving Medical Innovation and Technology Sector which is comprised of biotechnology, medical device, diagnostic, pharmaceutical, health care providers, research institutions and those businesses that provide critical services and products to bioscience companies. From 2009 to 2010, the bioscience industry declined by 2.4% nationally. In comparison, Colorado saw an increase of 1.8% in bioscienceColorado companies. Due to Springs the major growth in2013 the bioscience industry in Colorado, over 27,000 people are currently employed in the industry, creating over 122,000 direct and indirect jobs translating and $10 billion in payroll. The medical device sector in Colorado has grown and is ranked sixth in the nation. In addition to generating a substantial direct economic impact through employment, the bioscience industry sustains an average annual wage of $82,000 which directly impacts an increase in the tax revenue for the community. Relevance to the Pikes Peak Region Growth in this industry is directly related to funding from Colorado programs such as the state’s $56 million Bioscience Discovery Evalutation Grant Program designed for emerging and early stage companies and commercialization infrastructure, it is a nationally recognized model of innovative life science economic development legislation. Colorado Springs Regional Business Alliance | www.csrba.com | 719.471.8183 | [email protected] 2 Colorado Springs Medical Innovation & Technology Industry Competitive Advantages Big Assets With a mission to support the regional bioscience community through advocacy, resources and advancement of opportunities for collaboration, the Colorado BioScience Association (CBSA) is a not-for-profit corporation providing services and support for Colorado’s growing biosciences industry. CBSA promotes the interests of over 600 bioscience companies and their 27,000 employees and actively communicates the bioscience industry’s issues and challenges on multiple fronts. (cobioscience.com) Founded in 2009, the Colorado Institute for Drug, Device and Diagnostic Development is a not-for-profit charitable organization whose mission is to advance the Colorado bioscience ecosystem through company creation and job growth. (cid4.com) Colorado Springs 2013 The Colorado Springs Technology Incubator is a non-profit organization run by entrepreneurs for entrepreneurs. Combining the expertise of startup pros, investors, community / business leaders, and industry partners with a 22,000 square foot facility and state-of-the-art equipment to help entrepreneurs turn their ideas into brilliant reality. Led by Dr. Ric Denton, a Silicon Valley veteran with extensive experience in taking early stage companies from concept to multimillion dollar businesses, the incubator team and extensive mentor network provide an array of reduced-rate services, all designed to help entrepreneurs accelerate innovation and company growth. (cstionline.org) The El Paso County Medical Society is an advocate for physicians, promoting and developing the science and art of medicine, improving the community health and creating a liaison among physicians and between physicians and their patients; and assisting physicians in the ethical practice of quality medical care to more effectively fulfill the personal, patient, family, and societal responsibilities of their profession. (epcms.org) Memorial Hospital is a proud part of University of Colorado Health, recognized as a national leader in quality and research. At the local level, Memorial provides a comprehensive list of inpatient and outpatient services at two hospitals and multiple outpatient locations. Memorial provides state-of-the-art, compassionate care in fields such as cardiology, neurology and oncology. (memorialhealthsystem.com) Colorado Springs Regional Business Alliance | www.csrba.com | 719.471.8183 | [email protected] 3 Colorado Springs Medical Innovation & Technology Industry Competitive Advantages Big Assets (continued) Penrose-St. Francis Health Services is a full-service, acute care facility in Colorado Springs which includes Penrose Hospital and St. Francis Medical Center. Penrose-St. Francis has been named one of “America’s 50 Best Hospitals” for 6 years in a row (2008 - 2013) by HealthGrades, the only recipient in Colorado. Part of Centura Health, Colorado and western Kansas’ largest hospital and health care network delivering advanced care to more than half a million people each year, across 15 hospitals, seven senior living communities, medical clinics, Flight For Life® and home care and hospice services. (penrosestfrancis.org) Society of Physician Entrepreneurs (SoPE) is a global biomedical and healthcare innovation network.Colorado Founded by three physicians Springs in early 2011, 2013 SoPE is a non-profit member organization with a separate supporting tax exempt Foundation. Membership is open to both medical professionals and other stakeholders in healthcare. (sopenet.org) Education Resources Colorado Springs and the Pikes Peak region have many institutions of higher education offering courses and degrees in medical innovation & technology, including: Colorado College (coloradocollege.edu) Pikes Peak Community College (ppcc.edu) Pima Medical Institute (pmi.edu) United States Air Force Academy (usafa.af.mil) University of Colorado Colorado Springs (uccs.edu) University of the Rockies (rockies.edu) Colorado Springs Regional Business Alliance | www.csrba.com | 719.471.8183 | [email protected] 4 Colorado Springs Medical Innovation & Technology Industry Competitive Advantages Components of this sector in the region include: • Biotech companies • Clinical trial testing • Contract manufacturing and engineering companies • Contract research • Diagnostic companies • Medical centers • Medical device companies • Pharmaceutical companies • Research institutions • Service providers Photo courtesy CEA Medical Manufacturing, Inc. Why Colorado Springs is attractive to organizations in this sector Due to the large composition of medical innovation and technology companies within the region, a depth and knowledge base exists here not found to this degree in other regions of comparative size. This in-depth knowledge base provides the opportunity for collaboration of resources, knowledge and the cross-pollination required to have a thriving industry. Colorado Springs Regional Business Alliance | www.csrba.com | 719.471.8183 | [email protected] 5 Colorado Springs Medical Innovation & Technology Industry Competitive Advantages Medical Innovation and Technology Companies Abilities Unlimited Provides artificial limbs and customer orthopedic appliances www. auiop.com Aqueous Biomedical Develops biocompatible materials and geometric designs that can be applied www. aqueousbio.com to stents, shunts, artificial organs and drug delivery devices Aspire Biotech, Inc. Provides contract services for all phases of product development from concept www.aspirebiotech.com to launch, and produces its own skin sealant and wound-closure adhesives Bal Seal Engineering, Inc. Products seals and canted-coil springs for sealing, holding, latching, and www.balseal.com electrical contact in a variety of applications throughout the medical marketColorado Springs 2013 CEA Medical Manufacturing Provides product development and complete product assembly and packaging www.ceamedmfg.com services to the medical industry Clifford Consulting & Research, Inc. A laboratory screening process used to help identify existing sensitivity problems www. ccrlab.com to various chemical groups and families of compounds in an individual patient Colorado Laser Technologies, Inc. Provides YAP laser engraving technology, as well as CO2 and YAG laser cutting www. coloradolasermarking.com DePuy Synthes Develops, produces and markets instruments, implants and biomaterials for the www.synthes.com (subsidiary of Johnson & Johnson) surgical fixation, correction and regeneration of the human skeleton and its soft tissues Desert Glass Works Manufacturers quartzware for the medical and research industries www. dgw.com Directed Energy Solutions Develops advanced laser and optical device solutions for medical applications www.denergysolutions.com dpiX, Inc. Produces high-resolution amorphous silicon (a-Si) sensor arrays for medical www.dpix.com applications Empirical Testing Corporation Provides medical device testing services that add value throughout the product www. empiricaltesting.com development cycle, with a focus on spinal implant device testing The Harloff Company Manufacturers and sells a line of crash carts, medication carts and other speciality www. harloff.com carts for hospitals, nursing homes, clinics and surgery centers Grant Dental Technology Corporation Dental implants and surgical/restorative tools www.grantdentaltech.com Colorado Springs Regional Business Alliance | www.csrba.com | 719.471.8183 | [email protected] 6 Colorado Springs Medical Innovation & Technology Industry Competitive Advantages Medical Innovation and Technology Companies (continued) Keysight Technologies, Inc. Addresses the need for well-research cognitive support technologies www.keysight.com for individuals with intellectual disabilities Mind Studios Full service product design and research studio housed within the University of www. mind-studios.com Colorado Colorado
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