Medical Devices

On Solid Ground

Minnesota is known globally as a center for medical device innovation, home to industry leaders such as Medtronic, 3M Health Care, Boston Scientific, St. Jude Medical, Hill-Rom, and American Medical Systems Holdings Inc.

The industry accounts for approximately three quarters of the state’s bioscience jobs, excluding farmers. Now, the Biobusiness Park at Elk Run provides even broader opportunities for success in the rapidly expanding sector.

Just 15 minutes from Rochester, home of the Mayo Clinic and IBM, Elk Run offers:

• a symbiotic business climate
• a highly skilled workforce
• access to unparalleled medical expertise and research & development support
• direct access to medical expertise, prototyping, and manufacturing
• rapid prototype device build
• pre-production builds for clinical trials
• scalability of production volumes
• seamless management of suppliers

In Good Company

• Medtronic (659 patents) and Boston Scientific (523 patents) had the largest number of medical device patents among companies operating or headquartered in Minnesota between 2003 and 2007.
• Minnesota is also home to small thriving medical device companies. Examples of patents by small firms between 2003 and 2007 include Arizant Healthcare Inc. (26 patents), EV3, Inc. (19 patents), Possis Medical (18 patents), Myocord, Inc. (17 patents), Acist Medical Systems (16 patents), and Acorn Cardiovascular Inc. (15 patents).
• Other notable small medical device companies in the state are Rochester Medical, IntriCon, Medtox Scientific, and Nortech Systems, all of which were included among Fortune’s 100 fastest-growing American small public companies in 2008.

The Bottom Line

Projections show that an aging population, globalization, cost-controlling government policies, and the trend toward nanoscale manufacturing will continue to drive the medical devices market in the coming years.

Tower Investments, LLC, the developer of the Biobusiness Park at Elk Run, is committed to the long-term success of the Park and its tenants, and places special emphasis on medical devices.

Medical device companies require an educated and committed workforce, and know that the value of connections and resources can be diminished by excessive costs of business. Elk Run answers that concern: Minnesota has one of the most stable and educated workforces in the country and remains a business-friendly, affordable place to relocate.