Flinn Foundation report identifies bioscience growth areas for Phoenix metro
A new analysis commissioned by the Phoenix-based nonprofit Flinn Foundation has found that the Valley’s bioscience sector is prime for fast growth in three key areas — with the downtown Phoenix Bioscience Core as a leading driver.
The report released this month identified the fields of precision oncology/medicine, digital health and translational neurosciences as strength areas in the Phoenix metro that provide important opportunities for partnerships between industry, clinical care and academia.
“While we have tracked bioscience data for more than two decades, it is important to dig even deeper to identify where the Phoenix region is excelling with the greatest potential to lead nationally and globally,” said Tammy McLeod, Ph.D., Flinn Foundation president and CEO, in a statement. “We believe this study can enhance our already strong collaborations, leading to new research, clinical trials, and companies that will ultimately improve health outcomes.”
Here’s what the report highlighted about the Valley’s three strength areas:
- Precision oncology/medicine: The report said about 1,400 clinical trials are active in the Valley, supported by grants and research centers. Yearly increases can be seen in the regional base of researchers and precision diagnostic companies, with cancer diagnostics as a primary focus. Artificial intelligence and data sciences offer opportunities for convergence.
- Digital health: This includes wearable technology and medtech. The report pointed to strong venture capital investment in the past five years, including $240 million for digital health and $188 for medical devices, according to the study’s data. Hundreds of device-related trials are active or recruiting in the Valley, including Elon Musk’s xxxxxx, and the digital health field is aligned with the region’s strong semiconductor, microelectronics and precision medicine sectors.
- Translational neurosciences: The report said strengths included work being done at Barrow Neurological Institute and Banner Alzheimer’s Institute, in hundreds of clinical trials and at a growing base of labs. Data from nearly 500,000 participants in the MindCrowd memory test at Translational Genomics Research Institute is a boon for clinical trials recruiting, according to the report, which added that Arizona has an emphasis on better understanding and serving diverse and rural populations often underrepresented in clinical research studies.
TEConomy Partners conducted the study for the Flinn Foundation, which launched Arizona’s Bioscience Roadmap in 2002 to guide the development of the sector in the Grand Canyon State. The study was also supported by an advisory committee that included representatives from Arizona’s state universities, the Arizona Board of Regents, regional hospitals and health systems, research institutions, the city of Phoenix and others.
Since the introduction of Arizona’s Bioscience Roadmap, the 30-acre Phoenix Bioscience Core in downtown Phoenix has grown to become the highest concentration of research scientists in the state, the Flinn Foundation said.
The downtown hub has been joined over the years by other Valley centers such as the Phoenix Medical Quarter at the redeveloped former Park Center mall, the Discovery Oasis at Mayo Clinic’s Phoenix campus and the Cotton Center business park south of Phoenix Sky Harbor International Airport.
Phoenix Bioscience Core Executive Director Scarlett Spring said the latest report will guide research focus and messaging for the region.
“And while there will be a definitive focus on these three identified areas of growth, we will continue to pursue many other areas of research and innovation within our fast-growing bioscience industry,” Spring said in a statement.
In addition to data, the study also involved more than 40 interviews with Arizona leaders in industry, research and economic development.
This month’s report also comes ahead of the next planned update to the state bioscience roadmap in 2025. It was last updated in 2014, Flinn Foundation said.