According to Q1 2015 U.S. Census numbers, Minnesota's medtech, pharma/biotech, in vitro diagnostics and blood and organ companies are on pace to produce an estimated $4.27 billion in economic impact in all of 2015 (defined as total annual wages paid). With 34,335 directly employed by 617 establishments, medtech leads the charge with an average annual wage of $110,335, which translates to an estimated $3.8 billion in economic impact. Pharma and biotech companies in Minnesota account for an impact of $194.1 million, with 192 organizations employing 2,168 people.
It takes a highly skilled and diversified workforce to drive that impact, while developing complex and potentially life-saving products. So what did Minnesota's labor market look like in Q3 2015? Of the 4,540 positions available in health technology companies in Q3, the largest categories of openings were business related positions including operations, management, marketing and sales. However, the single largest category by title was engineering with 730 open positions.
Similar to Q2 2015, the top two skills categories requested by Minnesota employers in Q3 were Quality Systems and Quality Assurance. Other top demands included knowledge of Good Manufacturing Practice and Lean Manufacturing. On the technical side, Microsoft Sharepoint was the most frequently desired skill. Oral and written communication skills were also in the top 10 again.
On the employer side, Medtronic remained at the top of the hiring list with 1,477 open positions posted throughout the quarter, the 8th highest number of openings of all Minnesota companies. 3M was next with 741, followed by Ecolab, Boston Scientific, Starkey Laboratories and St. Jude Medical. After medtech, biotech and pharmaceutical companies posted more than 350 positions.
Minnesota's digital health sector continued to show signs of growth in Q3, posting 361 open positions, 138 of which were from Wolters Kluwer, followed by 116 from Optum and 41 from RedBrick Health. Not surprisingly, top desired skills focused on technical know-how, with a large focus on familiarity with compliance software.
Of the 4,540 open positions in Minnesota in Q3, most of them were spread across the Twin Cities metro area, with a concentration of 920 jobs in St. Paul. Minneapolis had significant openings for Coloplast and R&D Systems.
As shown by the numbers, Minnesota's Medical Alley community continues to grow and diversify, requiring top talent in a number of professional disciplines.
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