Emory's economic impact: moving Georgia forward
Operating expenses in the Woodruff Health Sciences Center (WHSC) totaled $2.5 billion in fiscal year 2008-2009, a total that translates into an impact of $5.7 billion on the metro Atlanta economy. Following are examples of other ways in which the WHSC brings economic value to the community.
Jobs: With 18,083 employees, the WHSC makes Emory the largest private employer in the 20-county Atlanta area and the second largest in the state. The WHSC brings jobs to the area in other ways as well. Every $1 million in research income, for example, is estimated to generate an average return of $2 million in revenue for the area and 32 jobs, meaning that WHSC's sponsored research funding received over the past year ($446.5 million) will generate more than $890 million in economic impact and more than 14,000 jobs for Georgia.
Growth: In the past year, the WHSC dedicated the Emory University Orthopaedics & Spine Hospital, a six-story, 208,000-sq-ft facility 6 miles east of the Emory campus. Emory's Yerkes National Primate Research Center dedicated a new Clinical Veterinary Medicine Administration Research Building at its field station in Lawrenceville, Ga., which received LEED gold certification for its site sustainability qualities and water and energy efficiency. Meanwhile, a new building for Emory's Rollins School of Public Health, currently under construction, is on schedule to open in 2010.
Georgia gained its first National Cancer Institute designated cancer center this year when Emory Winship Cancer Institute became one of 65 NCI-designated centers nationwide. Two new WHSC initiatives—the Center for Critical Care and the Center for Comprehensive Informatics—reflect strategies to standardize quality of care across the enterprise, to exploit the full potential of information technology, and to increase the efficiency and overall value of health care to society.
Biotech leadership: Since the early 1990s, the WHSC has helped Emory bring more than $775 million into the state in licensing revenues from drugs, diagnostics, devices, and consumer products. A robust product pipeline includes more than 50 products in all stages of development or regulatory approval, with 27 having reached the marketplace and 12 more in human clinical trials. Over the past decade, Emory has launched 47 start-up companies, some with help from Emtech Bio, a biotech incubator developed in collaboration with Georgia Institute of Technology.