Economy of Metropolitan Detroit - Health Care and Biomedical

Health Care and Biomedical

Metro Detroit area is one of the leading health care economies in the U.S. according to a 2003 study measuring health care industry components, with the region's hospital sector ranking fourth in the nation. A 2006 economic impact report showed that the metropolitan region supported 245,379 direct health care jobs with an additional 120,408 indirect and induced jobs. Major health system networks in the region include the University of Michigan, Henry Ford, Beaumont, Detroit Medical Center, St. John, Oakwood, St. Joseph, Karmanos Cancer Center, and the John D. Dingell Veterans Affairs Medical Center.

Beginning in 2010, Oakland University in Rochester opened Michigan's fourth medical school in a partnership with Beaumont Hospitals. The school will boost the region's economy with jobs in the life sciences, research, clinical trials, and doctors Wayne State University in Detroit has the largest single-campus medical school in the United States, and the nation's fourth largest medical school overall. Detroit Medical Center formally became a part of Vanguard Health Systems on December 30, 2010 as a for profit corporation. Vanguard has agreed to invest nearly $1.5 B in the Detroit Medical Center complex which will include $417 M to retire debts, at least $350 M in capital expenditures and an additional $500 M for new capital investment. In 2010, Henry Ford Health System in the New Center also announced a $500 M expansion in Detroit with plans for a biomedical research center.

In January 2009, the University of Michigan established the North Campus Research Complex through its purchase of the former Pfizer research facility with 30 buildings on 174 acres (0.70 km2) in Ann Arbor in order to create about 2,000 jobs through establishing commercial partnerships. The Community Foundation of Southeast Michigan administers $100 M of private foundation grants for the regions New Economy Initiative to spur investment in a variety of metro area projects. A BioEnterprise Midwest Healthcare Venture report found that the Detroit - Ann Arbor region attracted $312 M in new biotechnology venture capital investments from 2006 to 2009.