Directly east of downtown Memphis and immediately adjacent to the University of Tennessee Health Science Center, the UT-Baptist Research Park is convenient to Interstate 240 and only minutes from the Memphis International Airport. Located at the heart of the Memphis Medical Center, the campus is served by several major thoroughfares, a trolley line to downtown and bus lines, fully integrating the site with the research community and the broader Memphis region.
As a leading center for bioscience, the Research Park offers unique advantages: A world-class facility in the middle of the Memphis Medical Center, with proximity to numerous biotech businesses, strong university and nonprofit research capabilities, an urban campus, a regional hospital cluster including a major trauma center, and a highly trained technical workforce.
Memphis offers an excellent environment in which to build a bioscience business. The city is rich with bioscience assets, giving the community a distinctive niche in the marketplace.
Existing Bioscience Cluster
Memphis is the only region among the major bioscience clusters to have four out of the five bioscience industry sectors exceeding the national level of concentration, with three of the sectors - medical devices, hospitals, and organic chemicals - reaching a high level of regional specialization. The fourth sector in which Memphis exceeds the national average is pharmaceuticals.
In 2010, Business Facilities named Tennessee the State of the Year. The Volunteer State surged into a leadership position in green-collar job creation with an aggressive and innovative economic development strategy. In 2005, Business Facilities magazine selected Tennessee as one of the top 15 places to locate a biotech company. Memphis was noted for its logistics assets, offering unsurpassed distribution capabilities. St. Jude Children's Research Hospital, University of Tennessee, Memphis - The Health Science Center, and several medical research centers were also listed as strengths.
In 2010, Chief Executive magazine’s sixth annual survey of Best and Worst States for Business named Tennessee one of the top three states in the nation for business today. More than 650 chief executive officers rated states in three general categories: taxation and regulation, workforce quality and living environment. Tennessee moved up two spots from fifth in 2009.
Affordable Operating Costs
Memphis is one of the top-10 most affordable cities in which to operate a biomedical business in North America and Europe, according to The Boyd Company, a major business consulting firm. These costs include pivotal factors such as scientific and technical labor, office space, utilities, and other business requirements.
Existing Research Programs
The Tennessee Higher Education Commission funds a Centers of Excellence Program in Memphis. State funds are used to leverage federal and corporate funding. Among the 20 or so centers created since 1984, the following are bioscience-related:
- Center for Neuroscience
- Center in Pediatric Pharmacokinetics and Therapeutics
- Molecular Resource Center
The University of Tennessee System has recognized nine existing and newly formed UT research centers as part of its internal centers of excellence program since 2000. The following are bioscience related:
- Center for Diseases of Connective Tissue
- Center of Genomics and Bioinformatics
- Center for Neurobiology and Brain Diseases
- Vascular Biology Center
- Engaged research institutions with active leadership
- Intensive networking across sectors and with industry
- Available capital covering all stages of the business cycle
- Discretional federal or other research and development funding support
- Workforce and talent pool on which to build and sustain effort
- Access to facilities and equipment
- Stable and supportive business, tax, and regulatory policies
- Long-term plan with broad-based support