Advanced Medical Manufacturing Corridor

The US Economic Development Administration, the State of Florida and several local governments offer workforce training support and assistance in funding infrastructure improvements that help Florida’s most important business sectors, like medical device manufacturing, to grow and create jobs.

EXECUTIVE SUMMARY

Vision

The I-75 Medical Manufacturing Corridor has the resources necessary to grow its existing medical manufacturers and attract new ones.

Mission

Increase the number and size of medical manufacturing companies in the region and the number of highly skilled jobs in this sector.

NEXCAP

National Excess Manufacturing Capacity Catalog, a site selection tool for large manufacturing properties available in the United States.
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Medical Equipment (NAICS Code 3391)
Pharmaceuticals (NAICS Code 3254)
Medical Equipment (NAICS Code 3391)

An EDA funded 2010 study by SRI International entitled Recommended Target Sectors for the Tampa Bay Region, found that the medical instrument & supplies manufacturing field had $89.4 billion in U.S. revenues in 2010, driven by strong growth in the surgical and medical instruments, appliances, and supplies segment. Globally, medical device revenues in 2008 were estimated at $336 billion, and the market is dominated by U.S.-based companies.

Relative to the global pharmaceutical market, the medical device market is half the size, but is experiencing faster growth and poses lower risks than the pharmaceutical industry because of significantly shorter development times and lower regulatory approval risk. Other industry drivers include physician demand for improved diagnostics and imaging for guidance on patient disease status and disease management. Also, the convergence of the medical device and drug industries has resulted in the development of products such as drug-eluting stents and glucose monitoring systems incorporated into insulin pumps.

The medical instruments and devices niche already has a very strong critical mass in the region, with exceptionally high employment concentrations for a number of core activities. While this niche is a mature industry with a high degree of competition, many of the larger firms nationally have locations in the region, such as Baxter International, Cardinal Health, GE Medical Systems Technology, Linvatec (ConMed), Arthrex, and Smith & Nephew. The region is also home to a proportionately large number of small, niche firms in the medical instruments and device sector, manufacturing a wide range of products including orthopedic devices and surgical equipment, medical simulation equipment, ease of living/mobility aids and optical devices.

Pharmaceuticals (NAICS Code 3254)

The SRI International study also found that pharmaceutical and medicine manufacturing revenues had an annual growth rate of only 1.7% from 2005 to 2010. Domestically, the industry was affected by reduced consumer spending (due to rising unemployment and reduced employer-provided health care coverage) and competition from growth in generics. The industry is also suffering from difficulty in generating a pipeline of new drugs. Consequently, the industry is looking to public and private life sciences research and development activity for new breakthroughs in understanding and developing new treatments for a large array of diseases. Globally, the pharmaceutical and medicine manufacturing market was projected to grow at a CAGR of approximately 6% from 2010 to 2012.

The region is fortunate to host many strong medical-related assets within the region. It has numerous institutions conducting noteworthy, world-class research on today’s most important medical issues, such as cancer (e.g., H. Lee Moffitt Cancer Center & Research Institute) and Alzheimer’s (e.g., USF Health Byrd Alzheimer’s Institute). Under this initiative, the partners will expand their collaborative efforts to increase medical manufacturing in the region.

About the I-75 Medical Manufacturing Corridor Initiative (IMMCI)

The Southwest Florida, Tampa Bay, and South Florida Regional Planning Councils have formed a consortium along with 41 partners to request designation under the 2015 Investing in Manufacturing Communities Partnership for the area’s I-75 Medical Manufacturing Corridor. This designation would increase the quantity and quality of high-skilled manufacturing opportunities in the region by attracting new medical manufacturers, advanced processing facilities and supportive services.


The I-75 Medical Manufacturing Corridor Initiative (IMMCI) specifically addresses NAICS Codes 3391 Medical Equipment and Supplies Manufacturing and 3254 Pharmaceutical and Medicine Manufacturing. Communities included in this Initiative rank in the top third in the nation for key manufacturing technology.

Medical Manufacturing Corridor

Southwest Florida RPC and TBRPC received matching grant assistance from the Economic Development Administration to analyze advanced manufacturing.