NY BioHud Valley partners with MedTech Association
NY BioHud Valley, a cluster development initiative formed by New Windsor-based Hudson Valley Economic Development Corp., and MedTech Association, a membership-based bioscience and medical technology state trade association based in Syracuse, have announced a strategic partnership to further the development of the biotech, life sciences and pharmaceutical industries in New York.
“Working with NY BioHud Valley further solidifies our statewide mission and ability to advance the industry, bridging the gap between upstate and downstate,” said Jessica Crawford, MedTech Association president, in a statement. “Together we will leverage our collective strengths in biotech and medical technology to ensure New York ”“ which is among the top tier of states in the size of its bioscience industry and the scale and reach of its bioscience research ”“ continues as a center for bio/med activity.”
Initially, the organizations aim to collaborate by coordinating advocacy on state and federal levels, cross-promoting efforts to expand awareness of the industry and involving each other in future programming, specifically downstate and in the Albany region, according to their joint statement.
Nearly 46,000 people downstate (including New York City, Long Island and the mid-Hudson region) are employed in direct bioscience jobs, which through indirect and induced effects, contribute about 128,000 total jobs across the state”™s economy, according to a 2014 MedTech industry report.
Across the state, MedTech reported, more than 75,000 bioscience workers earned $5.7 billion in total wages and salaries in 2012, which translates into an average annual wage of $76,112.
According to the announcement, the most prevalent industry subsector in New York is drugs and pharmaceuticals, with a concentration that is 8 percent greater than that seen nationally.
“Building a stronger life sciences cluster in the Hudson Valley requires tearing down the artificial borders separating regions in order to form compelling alliances with like-minded organizations seeking to accelerate New York state”™s growth in this critical sector,” said Laurence Gottlieb, president and CEO of HVEDC and founder of NY BioHud Valley, in a statement. “Like NY BioHud Valley, MedTech has emerged as a powerful advocate for New York-based biotech and pharmaceutical companies, so forming this partnership between the two groups will create a dynamic, statewide voice for the industry.”