A new study says the Phoenix Biomedical Campus, currently in development in downtown Phoenix, has the potential to become one of the key economic engines in an increasingly high-tech Arizona.
Within the next two decades, the Phoenix campus could generate as much as $2.1 billion and provide jobs for between 14,000 and 24,000 Arizonans. Tripp Umbach Healthcare Consulting, which analyzes academic health care centers around the U.S., conducted the study.
The study also found that by 2025 the campus has the potential to generate between $60 million and $110.2 annually in government revenue, providing the state of Arizona between $2 and $4 in annual government revenue for every $1 invested.
"We want to emphasize that those estimates are extremely conservative," says Paul O. Umbach.
Starting in FY 2008, when the first medical students from The University of Arizona College of Medicine-Phoenix program begin their classes, the study estimates the campus will generate $77.1 million in overall economic impact. The study also measured different scenarios and assumptions to show a range of potential economic impacts in 2010, 2015 and 2025.
The Phoenix Biomedical Campus includes the expansion of the UA College of Medicine to a four-year program in Phoenix, in collaboration with Arizona State University; the internationally noted Translational Genomics Research Institute (TGen); the future Arizona Biomedical Collaborative; possible future expansion of the UA College of Pharmacy; and other potential collaborators.
For comparison, The University of Arizona Health Sciences Center (AHSC) in Tucson contributes more than $2.5 billion annually to the state's economy. AHSC includes the UA colleges of Medicine, Nursing and Pharmacy; the Mel and Enid Zuckerman College of Public Health; University Medical Center and University Physicians Healthcare.
When fully developed, the UA College of Medicine-Phoenix program plans to graduate as many as 150 new physicians each year.
To view an online copy of the Economic Impact Report at www.phoenix.arizona.edu or go to http://www.phoenix.arizona.edu/About/News/campus/Phoenix Biomedical Campus Report_12092005.pdf