BOSTON, May 15, 2019 /PRNewswire-PRWeb/ -- Nearly one in four exports from Massachusetts is a medical device, making the state number one in the nation in share of exports of medical devices as a percentage of total exports, ahead of California, Illinois, Minnesota and Florida, according to the just-released State of the Massachusetts MedTech Industry Report. In 2018, 23 percent of all Massachusetts exports were medical devices, a 7.7 percent increase over the previous year.
The report, conducted by Grant Thornton LLP, a leading professional-services firm, will be presented today by Pat Shafer, Managing Director – Compliance Risk, Health Care & Life Sciences Industry, at the MassMEDIC MedTech Town Hall in conjunction with BIOMEDevice Boston at the Boston Convention and Exhibition Center.
"It's great to see the Massachusetts MedTech Industry's gains year over year. MassMEDIC will continue to partner with our member companies to ensure ongoing success and growth of one of the state's most vital industries. To that end, we are launching a Working Group today that will further evaluate the report's findings in order to identify gaps as well as areas for growth, so that we can develop partnerships, initiatives and programs that will enable the Mass MedTech ecosystem to continue growing and contributing to the state's future economic success," said Brian Johnson, President of MassMEDIC.
Key Findings in the Massachusetts MedTech Industry Report:
- Exports: Nearly one in four exports in Massachusetts is a medical device. This is the fourth year in a row that Massachusetts ranks first for total medical device exports by percentage (23 percent) of total state exports with a value of $6.13B.
- Talent recruitment: Massachusetts ranks highest in wages for medtech, as compared to California, Minnesota, Florida and Texas. In 2018,the average Massachusetts medtech wage was $121,909.
- PMAs/510(k)s: When adjusting for state GDP, Massachusetts leads California with twice as many PMAs. Although nationally 510(k) clearances are trending downward, again when adjusted for state GDP, Massachusetts leads by a large margin.
- Venture Capital Investment: Biotech continues to get the lion's share of VC funding. Massachusetts and California VC funding is virtually equal, when adjusted for GDP.
- NIH Funding in the State: Massachusetts hospitals received $2.89 Billion in NIH funding in 2018.
"Our research confirms Massachusetts' longstanding position as a leader in the medical device industry," Shafer said. "Massachusetts' success has been the envy of many– however, some of the metrics are leveling off. It's important for the state to think about potential disruptors and how to stimulate the next wave of medical device innovation to ensure Massachusetts remains an industry leader."
The Massachusetts Medical Device Industry Council, an organization of more than 300 manufacturers, suppliers, research institutions, and academic health centers, promotes the unique interests of the Bay State's growing and vibrant medical device sector. Through a variety of programs, informational seminars, advocacy campaigns and other projects, MassMEDIC provides medical device manufacturers and suppliers with information on industry trends and regulatory policies and creates forums that allow members to exchange ideas and information on issues affecting the industry. For more information on MassMEDIC, visit our web site at http://www.massmedic.com.