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Bioscience Industry Development
'06-'07 Committee: Pitt Hyde (Chair); John Moses; Shirley Raines; Steve Reynolds; Gary Shorb; Pete Wehrly
Key Partner Organizations: Memphis Bioworks Foundation; Memphis Regional Chamber
Memphis is emerging as a global leader for orthopedics and medical devices and other key areas of the biosciences. Memphis Tomorrow's role in this effort has been to align local business and government leadership around the vision of Memphis as a biotech town and to ensure stakeholders work together, and systematically, to execute a clear business plan.
To that end, Memphis Tomorrow has, among other things,. . .
- Convened a Bioscience Task Force of government, business and community leadership which then provided guidance in the following. . .
- Commissioned a study by consulting firm Battelle Memorial Institute, to analyze whether and how Memphis could compete successfully in this industry. This resulted in defining Memphis’ bioscience vision and niche positioning, with a focus on these three areas: Orthopedics, Neurological and Medical Devices, Drugs and Biologics Production, Academic Health Center
- Commissioned a branding effort which established a bioscience brand for Memphis: Memphis BioWorks. Where Biosciences Come to Life. And to Market.
- Commissioned a “Master” redevelopment plan for the Medical District which would establish it as the hub of the region’s bioscience activity. Rebranded the district as the Central Biomedical District. Supported the Hope VI application for the City of Memphis neighborhood revitalization efforts in the Lamar Terrace development.
- Commissioned a review of management best practices for successful biomedical districts and elected Memphis Bioworks Foundation to assume “District Leader” role and steward the execution of the Central Biomedical District Master Plan.
- Highlighted the need for a coordination of local industry development efforts, elected Memphis Biotech Foundation as our community’s bioscience industry development “Coordinator”, and charged it with the responsibility to oversee a coordinated and strategic community effort involving local businesses, the Chamber, local education institutions, and local, state and national governments in advancing the Memphis bioscience industry.
- Commissioned a business plan for implementing Memphis’ bioscience vision. The planning was conducted with the help of Battelle Memorial Institute under the supervision of the Memphis Bioworks Foundation. While the business plan recommends a host of strategies and action items, the four major priority items are as follows:
- Advance the UT/Baptist Research Park as a multi-use location for Memphis’ bioscience cluster.
- Market Memphis, internally and externally, as a biomedical center, particularly leveraging its biologistics competitive advantages.
- Develop the central biomedical district as Memphis’ bioscience hub.
- Create a musculoskeletal center of research excellence in Memphis.
- Presently, six Memphis Tomorrow board members provide leadership on the board of the Memphis Bioworks Foundation (formerly Memphis Biotech Foundation), and through this vehicle help ensure the Memphis Bioscience Business Plan remains dynamic, and that progress is made, measured and reported.
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