Study: Tampa General’s Medical District packs $8.3B economic punch

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It’s been three years since Tampa General Hospital president and CEO John Couris declared “Tampa needs a medical district.” His vision is not just becoming a reality, but it’s anticipated to have a significant economic impact on the region and the state, according to a preliminary study completed by The Washington Economics Group.

The Tampa Medical and Research District (TMD) is expected to generate $8.3 billion in annual economic impact to the state of Florida every year, and support 57,900 jobs.

”We are blessed to be surrounded by a good health system in Tampa Bay. At TGH, this center would put us in a great position to operate on a larger scale and compete with other cities that have well-established medical districts,” Couris said.

Other findings in the economic impact study:

— The TMD will create $2.8 billion in household income each year.

— The gross domestic product impact in the Tampa metro would be roughly $4 billion.

— Federal, state and local revenues generated by the district would total roughly $800 million each year.

The TMD is a collaborative endeavor championed by Tampa General in partnership with USF Health. Their goal is for the TMD to be a globally recognized destination for world-class clinical care, academics, research and biotechnology.

The TMD is expected to stimulate new partnerships, help collaboration, encourage new investment and recruit top-tier talent.

With more access to world-class treatment and preventive care, patients throughout Florida have the most to gain.

Anchoring the 1,500-acre medical district in the heart of Tampa Bay is TGH, one of the top health systems in the country as assessed by U.S. News & World Report, the USF Health Morsani College of Medicine and the University of Tampa’s Nursing Program.

Some more recent additions include a rehabilitation hospital and a free-standing emergency department. More than 26 institutions in the district are dedicated to health, sciences, technology and education.

Other projects underway to strengthen the district, its capabilities and contributions include:

— A $500 million investment in new infrastructure and increased capacity at TGH’s main campus.

— A Davis Island campus for Hillsborough Community College to house non-clinical team members.

— A medical hotel to house patients from other parts of the nation.

— An eight-story 2,000-space parking garage to consolidate off-site team member parking.

— A People Development Institute, in partnership with USF Muma College of Business, to enhance career development for health care professionals.

— A proton therapy center, the first of its kind on Florida’s west coast.

— A 96-bed behavioral health facility.

— TGH Innoventures/Embarc, an innovation center and venture capital fund dedicated to health care startups and investments.

— A free-standing 80-bed TGH inpatient rehab center in partnership with Kindred Healthcare that opened several months ago; and

— TGH’s Global Emerging Diseases Institute (GEDI), which will treat patients with infectious diseases, is expected to break ground in November.