In a recent episode of the radio show Health Futures, Taking Stock in You, hosted by Bob Roth, the guest was Joan Koerber-Walker, CEO and President of the Arizona Bioindustry Association (AZBio). The discussion revolved around Arizona’s transformation into a prominent hub for bioscience companies over the past two decades.
Here is where you can find the Radio Show: https://youtu.be/zSubNMn6qY4
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Joan Koerber-Walker, president & CEO of AZBio with Bob Roth, host of Health Futures and CEO of Cypress Homecare.
Back in 1994, Arizona’s bioscience sector was in its infancy, featuring key organizations such as TGen and Medtronic.
Today, Arizona stands 14th in the nation for the number of bioscience companies, with a remarkable $38.5 billion annual economic impact and employment opportunities for 345,000 Arizonans.
Several factors contribute to this substantial growth, as outlined by Joan:
- Strong research universities, including ASU and the University of Arizona, spearheading innovations in areas such as cancer and medical devices.
- An expanding network of hospitals and treatment centers.
- Business-friendly tax policies and economic development agencies that support startup initiatives.
- The availability of talent as graduates enter the workforce in the state.
The bioscience companies in Arizona are at the forefront of groundbreaking innovations with the potential to enhance and save lives, concurrently bolstering the state’s economy. Noteworthy examples include Calviri’s canine cancer vaccine undergoing testing, with hopes for human trials, and new blood tests capable of early screening for multiple cancers, improving chances of remission and survival.
Joan conveyed AZBio’s ambitious goal to further amplify this growth by doubling the economic impact to $78 billion by 2033.
To achieve this, they are implementing specific strategies focused on enhancing workforce training, fostering business acumen among entrepreneurs, and facilitating investment funding.
The bioscience industry in Arizona is not only saving lives and creating valuable job opportunities but also generating financial benefits for all Arizonans through increased tax revenue. This progress instills a sense of pride, signaling Arizona’s continued leadership in innovative healthcare for decades to come.
“I recently listened to an episode of the radio show Health Futures, Taking Stock in You, hosted by Bob Roth. His guest was Joan Koerber-Walker, CEO and President of the Arizona Bioindustry Association (AZBio). They covered some fascinating topics about how Arizona has become a hub for bioscience companies over the past 20 years.” –Health Future’s Listener
SOURCE: https://cypresshomecare.com/2023/12/05/the-economic-impact-of-arizonas-growing-bioscience-industry/