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Salt Lake City, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Cambia Grove, a health care-focused hub where innovators and entrepreneurs convene and catalyze new solutions, and the Economic Development Corporation of Utah (EDCUtah), published a new report that found Utah is a national hotbed for health care industry innovation.
With an employment density more than twice the national average, Utah’s health care innovation jobs grew by more than 22 percent over the last five years. The study, conducted in 2018, quantifies the health care innovation work taking place in Utah and classifies it into the following categories: health IT, digital health, life sciences and innovative services such as telehealth, concierge care or patient navigation platforms.
The study found that this sector has had a significant impact on Utah’s state economy and directly accounts for:
• $7.1 billion in sales and output, or dollars spent and produced as a result of employment or capital investment in the sector
• 34,130 jobs with average compensation of $90,250 vs state average of $55,442 per worker
• $2.3 billion in employee compensation
• $312.3 million in total venture capital investment in 2017
• 5-year job growth rate of 22.2 percent
• 15 percent of total jobs in the state’s health care economy, while producing 25 percent of total output
In addition, when capturing direct, indirect and induced ripple effects, the health care innovation sector in Utah generates:
• $11.35 billion dollars in total annual sales and output
• 60,878 total jobs across the state
• $3.67 billion dollars in annual employee compensation
“Utah has one of the strongest and most diverse economies in the country,” said Clark Cahoon, Life Science Cluster Director, Governor’s Office of Economic Development. “Here we let the market drive innovation and an effective and sustainable health care system is a market priority. Our policies and behavior as a state reflect our dedication to health and we welcome all entrepreneurs to join us in our work to improve the health care system.”
This study contributes to Cambia Grove’s ongoing research into health care innovation’s impact across the country. As part of this effort, Cambia Grove is also conducting a census of health care startups currently operating in Utah. The database serves as a resource for organizations in the innovation ecosystem who are seeking ways to learn more about health care startups in the region, what they do and who they are. Startups are invited to join the database here: Cambia Grove Startup Census.
“Everything that we do connects back to our vision of a health care system that embraces innovation to improve patient care and outcomes,” said Maura Little, Executive Director, Cambia Grove. “Our goal in sharing these insights is to fuel the rising tide of entrepreneurs entering into health care, as we continue to support their efforts to transform and improve the system.”
To coincide with the release of the Utah Health Care Innovation Landscape report, Cambia Grove is sponsoring the Silicon Slopes Tech Summit, taking place January 31 - February 1. At the event attendees will have the opportunity to connect with Cambia Grove and learn about the resources available to health care entrepreneurs and visionaries.
“There’s an amazing energy here, particularly on the eve of the Silicon Slopes conference. Utah has become a haven for tech startups and digital health is a big part of that,” said Theresa Foxley, President and CEO of EDCUtah. “It’s encouraging to see so much excitement and creativity taking place in Utah and to see our impact as a market quantified.”
To view the methodology and full findings, please visit: Cambia Grove Utah Health Care Innovation Landscape Report.
About the Economic Development Corporation of Utah
Since 1987, EDCUtah has worked with state and local government and private industry to attract and grow competitive, high-value companies and spur the expansion of local Utah businesses. EDCUtah is a private nonprofit organization.
About the Cambia Grove
The Cambia Grove is a health care-focused hub where innovators and entrepreneurs can convene and catalyze new solutions. We offer a shared space for the emerging health care economic cluster where a host of stakeholders set aside competition in favor of true collaboration toward the shared goals of better health and a more sustainable system. To learn more, visit us at CambiaGrove.com or on Twitter.
About Cambia Health Solutions
Cambia Health Solutions, headquartered in Portland, Oregon, is dedicated to transforming health care. We put people at the heart of everything we do as we work to make the health care system more economically-sustainable and efficient for people and their families. Our company reaches more than 70 million Americans nationwide, including more than two million people in the Pacific Northwest who are enrolled in our regional health plans. To learn more about us, visit CambiaHealth.com or Twitter.com/Cambia.
Wen Chiu Cambia Grove 2063324959 Wen.Chiu@cambiahealth.com