Advancing the bio/med industry in New York

Albany, New York – Officials from MedTech Association, a membership-based, bioscience and medical technology (Bio/Med) trade association for New York State (NYS), and NY BioHud Valley, a cluster development initiative formed by the Hudson Valley Economic Development Corporation to establish the Hudson Valley corridor as a global leader in the life sciences, pharmaceutical and medical device industries, are proud to announce a new strategic partnership to further the development of the Bio/Med industry in NYS.

The organizations will work together to advance the bio/med industry in NYS, initially collaborating on coordinating interests for state and federal priorities from an advocacy perspective, cross-promoting efforts to expand awareness of the industry and involving each other in future programming, specifically in the Capital Region and Downstate. As the relationship matures, additional areas of collaboration may emerge. 

NY BioHud Valley is dedicated to recognizing and promoting the growing cluster of biotech, pharmaceutical and life science companies located in the Hudson Valley. An integral part of the NYS Bio/Med economy, which MedTech works to connect through collaboration, education and advocacy, NY’s Downstate Region (including the NYC, Long Island, and the Mid-Hudson Regions) employs nearly 46,000 in direct bioscience jobs, which through indirect and induced effects, contribute about 128,000 total jobs across the state’s economy, according to MedTech’s industry report, Bio/Med Breakthroughs: 2014 Bio/Med Industry Report.

“We are excited to formally partner with NY BioHud Valley,” said Jessica Crawford, MedTech Association president. “MedTech was initially formed as a resource serving the Upstate NY Bio/Med industry. Working with NY BioHud Valley further solidifies our statewide mission and ability to advance the industry, bridging the gap between upstate and downstate. Together we will leverage our collective strengths in biotech and medical technology to ensure NY – which is among the top tier of states in the size of its bioscience industry and the scale and reach of its bioscience research – continues as a center for Bio/Med activity.” 

The most prevalent industry subsector in NY is drugs and pharmaceuticals, with a concentration that is eight percent greater than that seen nationally. In Upstate NY specifically, the medical device sector is 26% more concentrated than the national average. Across NY, the more than 75,000 bioscience workers earned $5.7 billion in total wages and salaries in 2012, which translates into an average annual wage of $76,112. Bio/Med in NY has a total compensation impact of $16.8 billion (includes direct, indirect and induced impacts), producing $62.6 billion toward Gross State Product (includes direct, indirect and induced impacts).

“Building a stronger life sciences cluster in the Hudson Valley requires tearing down the artificial borders separating regions in order to form compelling alliances with like-minded organizations seeking to accelerate NYS’s growth in this critical sector,” stated Laurence Gottlieb, president & CEO of Hudson Valley Economic Development and founder of NY BioHud Valley. “Like NY BioHud Valley, MedTech has emerged as a powerful advocate for NY-based biotech and pharmaceutical companies, so forming this partnership between the two groups will create a dynamic, statewide voice for the industry.”

Source: MEDTECH; NY BioHud Valley; Hudson Valley Economic Development Corporation (HVEDC)