March 28, 2024

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Growing Innovation

Ready workforce + superior research facilities + business-friendly policies = key sector success.

Janet Ware | 10/1/2007

The Scripps Research Institute is one of many renowned facilities helping to build Florida’s life sciences sector. [Photo: Eileen Escarda]
An important factor in forecasting any state’s economic success is its ability to grow key industry sectors. In that regard, Florida stands head and shoulders above the rest. With the state’s business-friendly public sector policies, skilled workforce and top-notch research facilities, innovative companies of all sizes and industries find a place to prosper.

Open for Business

Florida’s tradition of innovation has deep roots in the state’s history.

It was here that, in 1565, European explorers founded their first city in the New World. It was here, four centuries later, that American scientists developed the rockets that would carry a new generation of explorers to the moon and beyond. And it is here, today, that some of the nation’s most accomplished researchers and entrepreneurs find a nurturing environment in which to live, work, explore and build a brighter future for us all.

With its winning combination of low taxes, business-friendly policies, worldwide connectivity and ever-growing pool of highly skilled and exceptionally well-trained workers, Florida is fertile ground for growing business success. Not to mention that the warm temperatures, year ‘round sunshine and sandy beaches for which the state has always been famous make it a pretty great place to play, too.

If you’re looking to prosper, look no further. Florida is open for business? — your business. Come join this continuing journey of exploration and innovation.

Life Sciences

Florida is rapidly becoming the place to be for life sciences. Momentum launched by The Scripps Research Institute in 2004 has continued to build with the arrival of other distinguished organizations such as the Burnham Institute for Medical Research and Torrey Pines Institute for Molecular Studies. Today, nearly 600 companies specializing in biotechnology, pharmaceuticals and medical devices employ approximately 28,000 professionals; an additional 626,000 Floridians work in the healthcare sector.

Contributions to the life sciences coming out of Florida have included innovations in neuroscience and the diagnosis and treatment of such degenerative conditions as heart disease, Alzheimer’s disease, cancer and diabetes. In 2004, Florida’s universities alone spent more than $700 million on basic and applied sciences research and experimentation.

Biotechnology

# 2 - Florida’s rank in the nation for bioscience startupsBusiness Xpansion Journal
Three Florida universities took top honors in Milken Institute’s 2006 “Mind to Market” report concerning biotechnology transfer and commercialization:

  • Florida State University ranked 1st in the nation for licensing income per $million in research expenditures.
  • University of Florida is among the top five tech transfer and commercialization universities in the U.S. and Canada and among the top U.S. universities for biotechnology patents worldwide.
  • University of Central Florida is 7th in the world for ratio of patents issued to patent applications filed.

Pharmaceuticals

  • Florida’s cluster consists of 90 pharmaceutical and medicine manufacturing companies, including developers of treatments for cardiovascular and respiratory diseases, generics, nutraceuticals and over-the-counter drugs.
  • Milken Institute predicts that Florida will be among the states with the fastest growth in the pharmaceuticals sector over the next decade.
  • Industry support is available from such organizations as BioFlorida, the Florida High Tech Corridor Council and the South Florida Technology Alliance.

Healthcare

  • Eleven Florida hospitals ranked among the best in the nation in 2007, according to U.S. News & World Report’s 18th annual edition of “America’s Best Hospitals.”
  • Florida is fertile ground for R&D and clinical trials thanks to a strong network of world-renowned hospitals and medical research centers.

Medical devices manufacturing

  • Florida ranks 2nd in the U.S. for number of FDA-registered medical device establishments.
  • More than 20,000 Floridians work in medical device manufacturing with the majority of companies concentrated along the Florida High Tech Corridor in Central Florida, in the Jacksonville area and in Florida’s Southeast region.

Tags: North Central, Business Florida

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