Cambia Grove, a healthcare-focused innovation hub, and the Economic Development Corporation of Utah, have published a report detailing the impact of healthcare innovation in Utah. It found that jobs in the sector grew by more than 22 percent over the last five years.
The study, conducted in 2018, quantifies the healthcare innovation work taking place in Utah and classifies it into the following categories: health IT, digital health, life sciences and innovative services such as telehealth, concierge care or patient navigation platforms.
The study found that this sector directly accounts for:
• $7.1 billion in sales and output, or dollars spent and produced as a result of employment or capital investment in the sector
• 34,130 jobs with average compensation of $90,250 vs. state average of $55,442 per worker
• $2.3 billion in employee compensation
• $312.3 million in total venture capital investment in 2017
• 5-year job growth rate of 22.2 percent
• 15 percent of total jobs in the state’s health care economy, while producing 25 percent of total output.
In addition, when capturing direct, indirect and induced ripple effects, the health care innovation sector in Utah generates:
• $11.35 billion dollars in total annual sales and output
• 60,878 total jobs across the state
• $3.67 billion dollars in annual employee compensation.
Cambia Grove is also conducting a census of healthcare startups currently operating in Utah. The database serves as a resource for organizations in the innovation ecosystem that are seeking ways to learn more about startups in the region, what they do and who they are. Startups are invited to join the database.
“Everything that we do connects back to our vision of a healthcare system that embraces innovation to improve patient care and outcomes,” said Maura Little, executive director of Cambia Grove, in a prepared statement. “Our goal in sharing these insights is to fuel the rising tide of entrepreneurs entering into health care, as we continue to support their efforts to transform and improve the system.”
To coincide with the release of the Utah Health Care Innovation Landscape report, Cambia Grove is sponsoring the Silicon Slopes Tech Summit, taking place Jan. 31 – Feb. 1. At the event, attendees will have the opportunity to connect with Cambia Grove and learn about the resources available to healthcare entrepreneurs.
