Michigan's Oakland County Medical Main Street had a strong 2010, with six life science companies locating or expanding their operations there. The program is an alliance of hospitals, universities, pharmaceutical companies, medical device manufacturers and medical professionals founded by Oakland County Executive L. Brooks Patterson in 2008.
The 2010 investment is four times the $5.2 million investment pledged by four Medical Main Street companies in 2009. In the two years since its creation, Medical Main Street has attracted or retained 10 life science companies, generated investment of about $27 million and created or retained more than 900 jobs.
"Medical Main Street continues to show phenomenal growth," Patterson says in a statement. "I'm convinced over the years it will make Oakland County and Southeast Michigan a destination for excellence in health care and the life science industries."
The device and diagnostic companies that the program has highlighted as successes include:
RG Medical Diagnostics: Distributor of medical products serving the civilian and military healthcare communities ($500,000 investment, nine new jobs);
Oakland Genetics: Developed a genetic/DNA test for Cumadin/Warafin ($1.1 million investment, three new jobs); and
Oxid: Leading manufacturer of medical laser articulated arms used in lasik eye surgery, microderm abrasion, laser peels and other medical uses ($4 million investment, 25 new jobs).
The county could add as many as 45,000 health care and life science jobs in the next 10 years, according to a study conducted by the Anderson Economic Group. There are nearly 4,900 active clinical trials throughout Oakland County and the state--more than California, Florida, Texas and New Jersey, according to a Medical Main Street announcement.
- read the Medical Main Street release