A recent report released by Cambia Grove, a health care-focused hub where innovators and entrepreneurs convene and catalyze new solutions, and the Economic Development Corporation of Utah (EDCUtah), confirmed what many Utahns’ already know — Utah is a national hotbed for health care industry innovation.
Utah’s health care innovation jobs grew by more than 22 percent over the last five years. The study, conducted in 2018, quantifies health care innovation work taking place in the state in health IT, digital health, innovative services, and life sciences arenas.
“Utah has one of the strongest and most diverse economies in the country,” said Val Hale, executive director of the Utah Governor’s Office of Economic Development. “Here, we let the market drive innovation. We know an effective and sustainable health care system is a market priority. Our policies and behavior as a state reflect our dedication to health. We welcome entrepreneurs to join us in our work to improve the health care system.”
The study’s findings include that this sector has had a significant impact on Utah’s economy and directly accounts for:
- $7.1 billion in sales/output
- 34,130 jobs with an average compensation of $90,250
- $2.3 billion in employee compensation
- $312.3 million in total venture capital investment in 2017
- 5-year job growth rate of 22.2 percent
- 15 percent of total jobs in the state’s health care economy
The full report can be viewed here.