Medical Alley Association serves the individuals and organizations that comprise Minnesota's health industry by influencing policy, fostering connections and providing critical intelligence to improve the quality of health around the world.
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Minnesota's Medical Alley continues to define the health technology market for investors. Investment in health technology in Minnesota is up 75% over the past 4 years, including a record level of $445M in 2015. 2016 is already demonstrating that the trend of increased investment is continuing. In the first half of this year, 64 Medical Alley companies raised a record high of $227M in investment, beating the previous high of $213M set in 2009. Q2 was particularly strong, closing at $174M, second only to Q4 2015 ($191M). The growth is being driven by an increasingly diverse health technology industry . While the medical device sector remains a dominant global player and strong investment continues (2016 second highest half in last 5 years), for the first time digital health attracted the largest share of Q2 dollars...
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Intellectual property continues to be the lifeblood of health technology firms. The Medical Alley Association"s review of the first half of 2016, as compared to the first half of 2010-2015, demonstrates that invention and patent applications are reaching record numbers, while patent grants continue to steadily maintain significant growth from 2010-2013 (2016 up 84% from 2010).
The steady rise of patent applications (up 24% from 2010-2016) bodes well for patients and healthcare systems demanding new technologies, with 2016 reaching an all-time, first-half high of 18,767. The significant investments in drug development over the past 20 years is proving successful, as drug-related technology patents lead all sectors in the growth of patent grants (up 98%). Healthcare demands continue to evolve; this is most evident in the shift in patent applications - diagnostic technology applications are now nearly double that of drug or device-related applications...
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Take a deeper dive into the Medical Alley ecosystem! Our Sector Landscapes get into the weeds on the breadth and depth of key sectors and support within Medical Alley. These briefs highlight global industry insights, Minnesota core and supporting assets, unique positioning, company lists and industry trends.
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Rochester, MN is its own special place. It spawned the world-renowned Mayo Clinic, home to those leading the way in health and wellness. It"s the place people go to get better. Where developers come to take advantage of dramatic growth. Where entrepreneurs come to find their place and discover the next big thing. And Destination Medical Center puts you in the middle of it all. Discovery Square, Heart of the City, bike trails, parks, restaurants. It"s all here and only getting better. Here, you aren"t stuck in the push and shove or trapped on the freeways of a big city. You"re in the middle of everywhere and part of something big.
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Mayo Clinic has officially launched its plan for Destination Medical Center"s Discovery Square, an urban bioscience campus in Rochester where doctors, researchers, and scientists will come together to accelerate new advancements in medical research, technology, and patient care. Mayo Clinic"s announcement that it is on the hunt for a strategic real estate development firm to build out Discovery Square is a major milestone for the Destination Medical Center"s (DMC) plan to enhance Rochester"s reputation as the world"s premier destination for health and wellness, and to create a robust entrepreneurial and innovation ecosystem that encourages start-up companies.
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The City of Rochester and State of Minnesota are consistently recognized as one of the best places in America: - Mayo Clinic ranked as the #1 Best Hospital in the Nation 2016-17 - US News & World Report - Rochester ranks as #1 among the Top 100 Best Places to Live in America - Livability (2016) - Minnesota ranks in the Top 20 Best States for Business & Careers - Forbes (2015) - Rochester ranks as one of the 50 Best Cities for Entrepreneurs - Livability (2016) - Rochester ranks in the top 20 of Best Places for Tech Jobs - NerdWallet (2015) - Rochester ranks as #1 Best Midsize City for Women in the Workforce - NerdWallet (2016) - Rochester ranks in the top ten Best Affordable Places to Live - Livability (2016) - Rochester ranks as one of the Ten Best Job Markets - ZipRecruiter (2015) - Minnesota ranks as #1 in the United States in Child Wellbeing - Annie E. Casey Foundation 2015 "Kids Count Data Book" - Rochester ranks among one of the 16 Best Places to Live in America: 2015 - Outside Magazine
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For more information, contact the DMC Economic Development Agency at firstname.lastname@example.org or call 507-216-9720. Sign up for the DMC newsletter at dmc.mn.
Medical Alley companies are innovation leaders, while OUS companies continue to gain ground in the US market; FDA approval times getting longer again.
Cardiology dominated original PMAs in the first half of 2016, claiming 32% of approvals (6/19). Miniaturization, compatibility and reduced patient invasiveness were key drivers of the new devices. Medical Alley"s Medtronic and St. Jude Medical both had miniaturized leadless pacing systems under review at the FDA, with Medtronic gaining approval for the Micra Transcatheter Pacing System in Q2.
Boston Scientific scored 2 original PMA approvals in Q2 (MR compatible pacing system and the Blazer ablation catheter) while Sorin, CardioFocus and Rex Medical received approval for cardiac devices. St. Jude Medical added to its growing neuromodulation portfolio with the PMA approval of the Axium Neurostimulator System for chronic intractable pain...
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