Waterford, Michigan, August 9, 2010 -- Oakland County, Michigan's Medical Main Street has attracted new investment of more than $11 million and generated about 275 life science jobs in less than two years.
Royal Oak Medical Devices LLC, a leading supplier of precision machined components for the automotive, agriculture and marine industries, is the latest company to join Medical Main Street. The company announced plans to invest $2.6 million to diversify into the design, manufacture and distribution of medical devices at its facility in Oxford. The investment is expected to create up to 26 new jobs. The Michigan Economic Development Corp. estimates the increased economic activity has the potential to create another 42 indirect jobs.
"The future of Oakland County is being shaped by forward-thinking companies such as Royal Oak Medical and its parent, Royal Oak Industries," Oakland County Executive L. Brooks Patterson said. "These companies understand the need to be flexible and adapt to the changing economy and technology while taking advantage of our skilled and educated work force – one of Oakland County's strongest assets."
Royal Oak Medical Devices is a division of Royal Oak Industries, a contract manufacturer for the transportation, power generation, medical device and defense industries. The parent company, which has about 700 employees, chose the expansion in Oxford rather than other locations on the West Coast and the southeastern United States. The company is receiving a state tax credit of $195,181 over five years as an incentive to stay in Michigan.
Oakland County Michigan's Medical Main Street life science initiative generated new investment of more than $9 million while creating almost 250 new jobs in its first full year.
Patterson created Medical Main Street in 2008 to focus on growing the life science industry in Oakland County and southeast Michigan. The county's burgeoning life science industry includes 93,000 health care and life science jobs and more than 4,300 life science and medical facilities. The county is projected to add 45,000 health care and life science jobs in the next 10 years, according to a study conducted by the Anderson Economic Group. There are nearly 4,900 active clinical trials throughout Oakland County and the state - more than California, Florida, Texas and New Jersey.
It has helped five other life science companies expand their footprints. The companies are:
- Novixus - Novi
- MicroDose Life Sciences - Farmington Hills
- RG Medical Diagnostics - Wixom
- Oakland Genetics - Rochester Hills
- Oxid Corporation - Novi
In addition to company attraction, Medical Main Street helps entrepreneurs commercialize their life sciences technologies, assists local life sciences companies grow their markets globally, trains the work force for this industry, and works with state government to ensure Michigan is legislatively a top state for life sciences companies.
About Oakland County, Michigan's Medical Main Street:
Oakland County, Michigan's Medical Main Street is a unique alliance of world-class hospitals, universities, medical device, biopharma companies and some of the country's top medical professionals creating a global center of innovation in health care, research and development, education and commercialization in the life sciences industry.
Medical Main Street has assembled a board of industry leaders to provide advice and support to this initiative. The board includes: William Beaumont Hospitals, Ferndale Laboratories, Henry Ford Health Systems, Housey Pharmaceuticals, Beckman Coulter Molecular Diagnostics, McLaren Health Care Corp., MichBio, Oakland University, Providence Park Hospital, Rockwell Medical Technologies, Somanetics, St. Joseph's /Trinity Health, Oakland Community College and Crittenton Hospital.
The alliance also includes representatives from a wide range of organizations that support the mission of Medical Main Street. These ambassadors support the effort by: assisting in marketing and promoting our region, providing introductions for county officials to health care suppliers and life science companies, and participating in and providing support staff for Medical Main Street task forces and events.
to get involved in the medical solutions of the future.