Washington State Biomedical Device Study Preliminary Results Released
Study Reveals $2.5 Billion Economic Impact from Biomedical Device Industry in Seattle Metro Region
SEATTLE, WA - May 15, 2008 - The biomedical device cluster in the Seattle metropolitan region contributes $2.5 billion in gross revenue and employs over 5,800 workers with total projected wages of $488 million according to a comprehensive study commissioned by enterpriseSeattle, City of Bothell, University of Washington Bothell Biotechnology & Biomedical Technology Institute (UWB BBTI), Snohomish County Economic Development Council (EDC), Washington Biotechnology & Biomedical Association (WBBA), the Prosperity Partnership and the Washington Technology Industry Association.
The Washington State Biomedical Device Study conducted by Seattle-based research firm Community Attributes sought to quantify the economic impact of the biomedical device industry in order to better understand and strengthen the potential effect on the local economy. Spurred in part by an aging population, analysts are predicting the U.S. medical device market will reach nearly $140 billion in revenue by 2013.
To review the study results, the group will today host the 2008 Washington State Biomedical Device Summit at the University of Washington Bothell. The Summit program will also feature the launch of the Biomedical Device Innovation Partnership Zone (IPZ) by the City of Bothell, and the BBTI by the University of Washington Bothell.
Key highlights from the study include:
- There are more than 120 biomedical device companies engaged in advanced research and production of biomedical device technologies in Washington State, with approximately 100 of these located in the central Puget Sound region.
- The City of Bothell is at the apex of the biomedical device industry in the region nearly half (2,800) of the region's jobs and nearly three quarters ($1.8 billion) of total gross revenue are attributed to companies based in Bothell
- The region's employment opportunities grew at 8.2% per year since 2000, with 2,500 new jobs added to the regional cluster since 2000.
"In light of the City of Bothell's recent designation by the Governor's office as the Biomedical Device Innovation Partnership Zone for Washington State, the timing was right for this study," said Jeff Marcell, Executive Vice President and COO for enterprise Seattle. "The study was designed to explore the influencing factors and opportunities in the biomedical device industry for positioning the region for further and future success; it is an excellent marketing tool to the industry, not only to attract new business, but for recruiting top industry talent as well."
"Washington's biomedical device sector is one of our major strengths for advancing our future as a leader in life sciences," said Jack Faris, President of the Washington Biotechnology & Biomedical Association. "This study provides rigorous data on the current significance of the sector and its potential for increased growth."