Medical Main Street investment tops $61M

Oakland County, Michigan’s Medical Main Street welcomed five more life science companies who either located or expanded their operations in Oakland County, generating new investment of $34.8 million and creating or retaining about 1,000 jobs.

The first quarter new investment more than doubles the $26.89 million pledged by Medical Main Street companies during the first three years of the program. The total investment by the 15 companies who have settled on Medical Main Street is $61.69 million.

“Medical Main Street is less than three years old and continues to show impressive growth,” Oakland County Executive L. Brooks Patterson said. “These investments demonstrate that Oakland County and Southeast Michigan is a leading destination for excellence in health care and the life science industries.”

Ascendant MDx in Farmington Hills is one of the new additions to Medical Main Street. The clinical laboratory, which makes diagnostic tests, has pledged investment of $3.7 million and is creating 162 new jobs. “AMDx is pleased to be a part of Oakland County Michigan’s Medical Main Street,” said Alan Mack, AMDx senior vice president. “It’s a key reason we chose Oakland County over the other sites in Michigan. We are eager to uncover the opportunities it will provide.”

The first quarter growth was led by CareTech Solutions, a provider of health care information technology and health care management solutions for hospitals in Troy. The company recently completed the second phase of an expansion project. Investment in the project totaled $28 million and created or retained 640 jobs.

The additional 2011 Medical Main Street companies, their Oakland County location, planned investment, and total jobs created or retained, are:

  • Innovative Surgical Solutions – Royal Oak: $500,000, 30 new jobs, 2 retained jobs
  • gloStream – Troy: $1.4 million, 40 new jobs, 2 retained
  • TRE – Total Repair Express – Orion Township: $1.2 million, 100 new jobs, 17 retained

Oakland County will also have a business development representative at the BIOMED show in Boston on April 6-7, promoting the county and Medical Main Street.

Oakland County will also have a business development representative at the BIOMED show in Boston on April 6-7, promoting the county and Medical Main Street.

Patterson created Medical Main Street in 2008 to focus on growing the life science industry in Oakland County and Southeast Michigan. The county’s burgeoning life science industry includes 93,000 health care and life science jobs and more than 4,300 life science and medical facilities. The county is projected to add 45,000 health care and life science jobs in the next 10 years, according to a study conducted by the Anderson Economic Group.

There are nearly 4,900 active clinical trials throughout Oakland County and the state – more than California, Florida, Texas or New Jersey.

In addition to company attraction, Medical Main Street helps entrepreneurs commercialize their life sciences technologies, assists local life sciences companies grow their markets globally, trains the work force for this industry, and works with state government to ensure Michigan is legislatively a top state for life sciences companies.

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