Utah's Vibrant Life Sciences Landscape.

• Author: Bell, Denise

When you think of medical technology, genomics, or biotechnology, Utah might not be the first place to come to mind--but Utah has a rich tradition of innovation (see chart) dating back to the William J. Kolff artificial kidney in 1967 and the Jarvik artificial heart in 1973. Today, with strengths in medical technology, diagnostics, biotechnology, and pharmaceuticals, the state's life sciences industry is one of the fastest growing in the nation. In fact, from 2012-2017, Utah had the highest job growth among states with large life sciences sectors. During those same years, life sciences employment in the state grew by an impressive 25.4 percent.

Life sciences is one of the state's six strategic economic clusters, providing diverse products and services such as catheters, heart valves, genetic testing for breast cancer, stroke care technology, cancer therapies, rare disease drugs, and medical imaging components. These companies are constantly innovating to improve and save lives. "We are at the forefront of some of the world's best medical technologies and groundbreaking therapies," Gov. Gary Herbert said in BioUtah's 2018 Utah Life Sciences Industry Report.

The success of the industry, however, does not come without its challenges. For instance, access to capital is often cited as a constraint to expansion. Compared to other sectors, Utah's life sciences companies get a much smaller share of the total dollars invested in the state. Tliey generally face a higher bar in attracting capital due to extensive regulation and the significant cost and risk associated with bringing a new medical device, diagnostic or drug to market.

The industry has great potential," said Dinesh Patel, biotechnology pioneer and managing director and founder of Patel Family Investments. Over the years, I've worn a number of hats in this business. I've been an entrepreneur and venture capitalist. It's been rewarding to see so many of the state's life sciences companies succeed and help patients. But, innovation isn't easy." Patel is optimistic that barriers, such as access to capital, can be addressed. In fact, with the right mix of incentives, public-private partnerships and state support, he believes the industry has even more room to grow and push the boundaries of discovery.

MEDICAL DEVICE MANUFACTURERS

Utah is a global leader in medical device manufacturing, employing 13,760 Utahns in 2017. The vast majority of all arterial and vascular access devices used...