Madison, Wisconsin--(Newsfile Corp. - August 18, 2023) - Building on Wisconsin's statewide position of strength in personalized medicine, biohealth technology, precision manufacturing and automation, a consortium composed of industry leaders spanning science, technology, manufacturing, education, economic development organizations and business sectors has collectively submitted a proposal to the Economic Development Administration (EDA) to designate Wisconsin as a Regional Technology and Innovations Hub. This significant move positions the state at the forefront of transformative advancements, elevating the state's leadership role.
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Aligned with the bipartisan CHIPS and Science Act, this designation falls under the EDA's Tech Hubs Program, an endeavor aimed at boosting the U.S. economy and national security through nurturing burgeoning industries and fostering job growth. The program targets regions with the potential to evolve into globally competitive innovation centers over the course of a decade.
"At GE HealthCare, we're dedicated to advancing personalized medicine through continuous technological development. With a substantial team here in Wisconsin driving cutting-edge imaging innovations, this consortium provides an avenue to collaborate with other firms for a broader impact. Our enthusiasm for being part of Wisconsin's Biohealth industry is palpable, and the potential outcomes with this tech hub designation are truly exciting," said Jay Hill, VP Advanced Technology at GE HealthCare.
Wisconsin's biohealth sector, encompassing biotech, biopharma, medical devices, diagnostics, digital health and advanced manufacturing, has been a substantial contributor to state's economic fabric. In 2022, the sector's impact exceeded $32 billion, providing employment for over 129,000 individuals and contributing to products and services valued at $6 billion.
"The Tech Hub designation holds the potential to solidify Wisconsin as a global leader in biohealth technology, ensuring the industry's security within U.S. borders and promises to spur talent acquisition, new business ventures, heightened innovation, and drawing global companies to the State of Wisconsin," said Lisa Johnson, CEO of BioForward. "The impact of the biohealth industry on the Wisconsin economy is already significant with a diverse array of companies- and major research institutions focused on the future of personalized medicine. That, combined with the state's powerhouse of advanced manufacturing and supply chain capabilities, makes Wisconsin the ideal investment opportunity for the United States goals of growing and protecting U.S. manufacturing and commercializing the next generation of innovation."
Accuray's Daniel Biank, VP of Regulatory & Government Affairs, echoes the sentiment. "Wisconsin has the opportunity to build on world-class infrastructure and expertise in medical imaging and genomic technologies to create a statewide Biohealth Tech Hub in personalized medicine. Wisconsin is at a new frontier of medicine where combining genomic innovation with advanced imaging technologies provides a deeper understanding of the individual and merges with Wisconsin's existing big data analytics, AI computing, population health, and bioscience breakthroughs to usher in a new era of effective, affordable, and equitable healthcare," Biank's said.
Wisconsin's dedication to personalized medicine extends beyond economic endeavors; its leadership in imaging, genomics, and data analytics, guided by AI and ML, firmly establishes it as a global healthcare innovator. This pioneering pursuit towards personalized medicine aligns with Wisconsin's aspirations for Tech Hub designation, and promises a transformative trajectory marked by economic growth, amplified collaboration, and a secure future as a trailblazer in cutting-edge technologies.
About the EDA's Tech Hub Application
The EDA's Tech Hub application process comprises two phases. During Phase 1, the EDA designates a minimum of 20 Tech Hubs across the nation and allocates funds for strategy development, utilizing around $15 million from the available $500 million. Phase 1 designation signals a region's potential for rapid economic growth over the next decade. Only Phase 1 recipients are invited to apply for Phase 2, with 5 to 10 recipients granted Phase 2 designation, entailing federal grants ranging from $50 to $75 million to support projects aligned with the program's overarching goal.
About the Consortium
A consortium of industry and business leaders was tasked with crafting the application for Tech Hub Phase 1. BioForward is the lead consortium member responsible for the application and reporting requirements. Other consortium members include: Accuray, Employ Milwaukee, Exact Sciences, GE HealthCare, Madison Area Technical College, MadREP, Milwaukee Area Technical College, Milwaukee7, Rockwell Automation, University of Wisconsin-Madison, University of Wisconsin System, Wisconsin Economic Development Corporation, and WRTP | Big Step.
About BioForward
BioForward Wisconsin represents more than 230 member organizations across an integrated network of health solution leaders, including research institutions, biotech and biopharma, digital health, healthcare systems, and medical device, and diagnostics. It is an action-oriented association that focuses on initiatives to strengthen the state's biohealth industry. Learn more about BioForward Wisconsin at www.bioforward.org.
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