SCOTTSDALE, Ariz. Jan. 21, 2010 TGen Drug Development (TD2) is poised to play a significant role in the expansion of Scottsdale's biomedical industry, fostering new jobs and city revenues, and prompting the creation of more related businesses.
That is the conclusion of a new report released today by the independent economic research firm Tripp Umbach of Pittsburgh about TD2's economic impact on Scottsdale.
And while TD2's contributions to Scottsdale already are solid, its projected impact within 5 years will increase by nearly tenfold, the Tripp Umbach report concludes.
TD2's direct annual economic impact on Scottsdale in 2009 was $4.3 million. But when TD2's affiliated company operations are included, the total economic impact in 2009 was pegged by Tripp Umbach at more than $26 million. That total economic impact is projected to reach more than $239 million by 2015, the report said.
"Working alongside other key biomedical engines like the Mayo Clinic and Scottsdale Healthcare, TD2 holds the promise of a brighter economic future for Scottsdale, and the promise of better healthcare for all Arizonans," said Dr. Stephen Gately, TD2's President and Chief Scientific Officer.
Other economic impacts and projections for TD2 identified by Tripp Umbach include:
TD2 is a non-profit, whole-owned subsidiary of the Phoenix-based, non-profit Translational Genomics Research Institute (TGen). A recent Tripp Umbach report showed that TGen's annual economic impact on Arizona in 2009 was more than $77 million.
TD2 was created in 2003 as a way of commercializing the research discoveries of TGen. Scottsdale provided a $3 million loan to accelerate TD2's growth. TD2 was the first non-Mayo business partner welcomed by the Mayo Clinic Scottsdale to its biomedical campus at 134th Street and Shea Boulevard.
Its mission is to facilitate drug development and move new compounds to patients as quickly as possible. TD2 provides a comprehensive program of pre-clinical, clinical and regulatory services to ensure expeditious approval by the U.S. Food and Drug Administration of treatments that are proved to be safe and effective.
In part because of TD2, many related businesses have located in Scottsdale: Ascalon International Inc., MCS Biotech Resources LLC, Semafore Pharmaceuticals Inc., Silamed Inc., Stromaceutics Inc., SynDevRx Inc., and Translational Accelerator LLC (TRAC).
|Contact: Steve Yozwiak|
The Translational Genomics Research Institute