Memphis offers an excellent environment in which to build a bioscience business. The city is rich with concrete assets that exist here and now, giving us a distinctive niche in the marketplace.
Existing Biotech Sector
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 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.
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. State funds are used to leverage federal and corporate funding. Among the 20 or so centers created since 1984, the following are bioscience-related:
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:
