Diversifying the regional economy beyond healthcare is a primary impetus for the Journey to Growth initiative. That said, it would be shortsighted to ignore the opportunities for growth in areas related to healthcare given the high concentration of skilled medical workers in the region, the opportunity to leverage Mayo Clinic’s buyer/supplier network, and peripheral opportunities created by Mayo’s Destination Medical Center plan.
The Medical Technology target is divided into two niches: Healthcare Delivery and Targeted Medicine. Healthcare delivery concerns the optimization of the actual process of delivering healthcare to the patient, including new technologies to connect patients to information, treatment options, and wellness strategies. For example, patients can now go online to access personalized health portals where they can manage all aspects of their care and wellness regimens. Targeted Medicine reflects our region’s strong basis of research focus on individualized and regenerative medicine, as well as the potential to commercialize research into new enterprise development and manufacturing employment. Regional employment in Targeted Medicine has seen significant growth in the last decade and we expect continued opportunities for additional high growth start-ups and corporate partnerships.