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.