Science Market Update

Mayo Clinic Will Invest $3B of Healthcare Funding in Minnesota

Posted by Jennifer Nieuwkerk on Mon, Feb 11, 2013

In a recent press release, the Mayo Clinic revealed its goal of making its Rochester, Minnesota campus a destination medical center. The Mayo Clinic will invest over $3 billion of  healthcare funding in Minnesota, making this not only the state’s largest economic development plan, but one of the largest in the country. An additional $2.1 billion in private investments will also fund the project, which includes investing $3.5 billion in the Mayo Clinic’s Rochester campus over the next twenty years.

Fox News reports that the Mayo Clinic employs more people than any other organization in the state of Minnesota, providing jobs for over 32,000 employees. Although the Mayo Clinic is already widely influential, administrators want to secure success for the clinic’s future. The funding initiative is the result of a three-year study the Mayo Clinic conducted to plan out its business strategy in the multifaceted and globally competitive world of healthcare.

Tom Crann of Minnesota Public Radio interviewed Mayo Clinic President and CEO John Noseworthy in an article on the MPR News website. In response to the question of where the wealth of Mayo Clinic funding will go, Noseworthy said: “We want to remain at the cutting edge as health care expands, as we understand more about biomedical research and how to bring that to our patients. This is all about bringing cutting edge care to our patients, our patients in Minnesota, in the upper Midwest, nationally and internationally.”

Pressed on what the investment will look like, Noseworthy responded: “Well, it depends on where medicine goes. There'll be new technologies. As you know, we're building a proton-beam therapy program at the moment. We're building out our healthy living center. We're remodeling the hospital at St. Mary's Hospital. We'll need to see where we need to go, depending on where the industry goes.”

 

Mayo Clinic

The Mayo Clinic in Rochester, Minnesota

Image courtesy of Wikimedia Commons

 

According to a Mayo Clinic news article, the majority of the Mayo Clinic's healthcare funding in Minnesota will be spent in three ways: expansion of Mayo Clinic facilities and services, development of private businesses and improvement of public infrastructure in Rochester. Some of the benefits of the Mayo Clinic’s investment include $45 billion in economic impact in Minnesota, $2.5 billion to $3 billion in tax revenues for the state of Minnesota over the next 20 years, $300 million in local tax revenues and 35,000 to 45,000 new jobs in Minnesota.

Given this significant investment, the Mayo Clinic is poised to make Rochester, Minnesota a highly valuable biomedical and biotechnology market. If you are a lab supplier or biotechnology vendor interested in meeting others in your industry in the Rochester area, Biotechnology Calendar, Inc. invites you to attend our annual Rochester BioResearch Product Faire Event on September 25, 2013. Last year, the Rochester BioResearch Product Faire hosted 122 attendees. Of those attending, 30 were purchasing agents, professors and post docs, and 11 were lab managers. Attendees came from 12 different research buildings and 28 departments around the clinic.

Biotechnology Calendar, Inc. is a full-service science research marketing and events-planning company that organizes trade shows at top research institutions across the country. For more information on Rochester, Minnesota funding statistics, click on the button below. If you are interested in attending a trade show closer to home, we encourage you to check out our 2013 calendar of events.

 

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Tags: 2014, Midwest, 2013, Minnesota, Rochester, Mayo Clinic, BioResearch Product Faire Event, Funding, MN, lab supplier, RMN, healthcare funding

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