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New study shows TGen spin-off boosts Scottsdale economy
Date:1/21/2010

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:

  • Total employment generated directly and indirectly from TD2's Scottsdale operations and affiliated companies equaled at least 106 jobs. By 2015 the number of jobs generated by TD2 and affiliated companies should reach 1,080.

  • Operations of TD2 and affiliated companies in 2009 generated more than $729,000 in city revenues. In 2010, TD2 and affiliated companies will have generated more cumulative tax revenues than the dollars initially invested by Scottsdale. By 2015, annual city revenues generated by TD2 and affiliated companies should reach nearly $6.6 million.

  • By 2015, Scottsdale should see an economic return of $7.89 for e
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Contact: Steve Yozwiak
syozwiak@tgen.org
602-343-8704
The Translational Genomics Research Institute
Source:Eurekalert

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