Study: Tampa General’s Medical District packs $8.3B economic punch
Medical District in the heart of Tampa Bay to cultivate groundbreaking research and expand access to care.
It’s been three years since Tampa General Hospital president and CEO John Couris declared “Tampa needs a medical district.” His vision is not just becoming a reality, but it’s anticipated to have a significant economic impact on the region and the state, according to a preliminary study completed by The Washington Economics Group.
The Tampa Medical and Research District (TMD) is expected to generate $8.3 billion in annual economic impact to the state of Florida every year, and support 57,900 jobs.
”We are blessed to be surrounded by a good health system in Tampa Bay. At TGH, this center would put us in a great position to operate on a larger scale and compete with other cities that have well-established medical districts,” Couris said.
Other findings in the economic impact study:
— The TMD will create $2.8 billion in household income each year.
— The gross domestic product impact in the Tampa metro would be roughly $4 billion.
— Federal, state and local revenues generated by the district would total roughly $800 million each year.
The TMD is a collaborative endeavor championed by Tampa General in partnership with USF Health. Their goal is for the TMD to be a globally recognized destination for world-class clinical care, academics, research and biotechnology.
The TMD is expected to stimulate new partnerships, help collaboration, encourage new investment and recruit top-tier talent.
With more access to world-class treatment and preventive care, patients throughout Florida have the most to gain.
Anchoring the 1,500-acre medical district in the heart of Tampa Bay is TGH, one of the top health systems in the country as assessed by U.S. News & World Report, the USF Health Morsani College of Medicine and the University of Tampa’s Nursing Program.
Some more recent additions include a rehabilitation hospital and a free-standing emergency department. More than 26 institutions in the district are dedicated to health, sciences, technology and education.
Other projects underway to strengthen the district, its capabilities and contributions include:
— A $500 million investment in new infrastructure and increased capacity at TGH’s main campus.
— A Davis Island campus for Hillsborough Community College to house non-clinical team members.
— A medical hotel to house patients from other parts of the nation.
— An eight-story 2,000-space parking garage to consolidate off-site team member parking.
— A People Development Institute, in partnership with USF Muma College of Business, to enhance career development for health care professionals.
— A proton therapy center, the first of its kind on Florida’s west coast.
— A 96-bed behavioral health facility.
— TGH Innoventures/Embarc, an innovation center and venture capital fund dedicated to health care startups and investments.
— A free-standing 80-bed TGH inpatient rehab center in partnership with Kindred Healthcare that opened several months ago; and
— TGH’s Global Emerging Diseases Institute (GEDI), which will treat patients with infectious diseases, is expected to break ground in November.