Just as the previous strategic plan propelled growth and contributed to the University’s ascension as the region’s largest employer, the current plan will strengthen the Medical Center’s role as an engine for local economic development – by growing our patient care services, research programs, and consequently, our intellectual capital.
By 2015, the Strategic Plan will result in the hiring of 771 new staff at the Medical Center – research/clinical faculty and support staff. A Center for Governmental Research study estimates the plan will also result in the creation of an additional 1,000 permanent jobs in the community and the capital projects will sustain on average 1,400 construction jobs per year between 2008 and 2012. CGR also estimates that by 2015, research funding at URMC will increase by approximately $50 million over current levels as a result of investments in research infrastructure and faculty.
The growth in research in particular will strengthen the Medical Center’s role as a catalyst for economic development. New technologies are an important byproduct of research and these advances can be harnessed for regional economic growth. The University already has a strong track record of developing new technologies with high commercial value and transferring these innovations into the marketplace.
The University of Rochester Medical Center’s research enterprise is an essential regional resource for both existing and new companies. The Medical Center is an important strategic research partner with several Rochester-based medical technology companies, including long standing collaborations with Bausch & Lomb and CareStream. The University has also created an integrated system of professional services and resources to help new technology-based start-up companies get off the ground, including biotechnology incubation facilities, business support services, and early stage financing.
The 2007-2012 Strategic Plan, through its marriage of investment in cutting-edge research programs with an emphasis on clinical and translational science, will grow the research pipeline and result in technologies that are more mature and, therefore, closer to the market. By continuing to assemble resources that foster early stage technology companies and working in close partnership with the Rochester business community and the public sector, the new technologies that emerge from the Medical Center over the next several years will continue to fuel the region’s economic transformation.
URMC’s academic missions – and the breadth that they bring to our clinical services – set it apart from other local health care providers. Investments in the Medical Center can be leveraged and returned to the community in myriad ways: through job creation, greater educational opportunity, and research breakthroughs that improve health care.
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Read the CGR study.
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