FOR IMMEDIATE RELEASE July 2, 2024
MILWAUKEE/MADISON, Wis — The Wisconsin Biohealth Tech Hub, led by BioForward Wisconsin, achieves a significant milestone as a Phase 2 recipient of the U.S. Department of Commerce’s Economic Development Administration (EDA) Regional Technology and Innovations Hub (Tech Hub) program, affirming Wisconsin’s leadership in biohealth technology and personalized medicine.
Following a rigorous selection process, the EDA has awarded the Wisconsin Biohealth Tech Hub with $49 million in federal grants to support transformative projects aligned with the program’s overarching goal. Alongside this, an additional $7.5 million in state funding and $24 million in industry commitments have been secured, bringing the total funding and commitments to over $80 million. This substantial investment will fuel projects to advance personalized medicine, enhance healthcare outcomes, and drive economic development across Wisconsin.
“We are thrilled to receive a Phase 2 award for the Wisconsin Biohealth Tech Hub,” said Wendy Harris, Regional Innovation Officer. “This funding will enable us to accelerate the development and deployment of cutting-edge biohealth solutions, positioning Wisconsin as a global leader in personalized medicine.”
Building on the momentum of Phase 1 designation, the Wisconsin Biohealth Tech Hub is poised to expand its impact and drive innovation in key areas such as imaging/theranostics, genomics, and big data/analytics. Leveraging strategic partnerships and collaborative efforts, the Tech Hub will focus on initiatives to enhance manufacturing coordination, advance critical genomic technology, and foster talent development in the biohealth sector.
“This Phase 2 award represents a significant opportunity for Wisconsin to showcase its strengths across many sectors of our biohealth industry and statewide manufacturing capabilities,” said Lisa Johnson, CEO of BioForward Wisconsin. “We make things in Wisconsin, and we make things happen—through this EDA tech hub initiative, Wisconsin will be delivering results on the EDA’s mission to enhance economic and national security and global competitiveness in the years to come.”
Looking ahead, the Wisconsin Biohealth Tech Hub aims to drive significant impact within the next decade. Early projections estimate up to 30,000 quality jobs created and as much as $9 billion in regional GDP growth, pending full funding of the projects. Through collaborative efforts, we are poised to position Wisconsin as a global leader in biohealth innovation and economic development.
“The Phase 2 Biohealth Tech Hub investment for Wisconsin is a significant milestone towards transforming the state into a global leader in biohealth innovation and personalized medicine,” said Peter J. Arduini, President and CEO, GE HealthCare. “Wisconsin’s medical technology and life sciences ecosystem offers the potential to expand our impact on patients and health systems globally. GE HealthCare is proud to have played a leading role in BioForward Wisconsin’s consortium and working with partners across the state to achieve this important achievement.”
We extend our gratitude to the EDA, government officials, industry partners, and stakeholders for their continued support and collaboration in our mission to improve healthcare access and outcomes for all individuals across Wisconsin and beyond.
“Today’s announcement is proof of what we as Wisconsinites have long known: We have world-class universities, a second-to-none workforce, and a thriving private sector that will drive the next wave of American innovation. Make no mistake, this investment in the Badger State will create and support thousands of good paying jobs, grow our Made in Wisconsin economy, and revolutionize health care as we know it – helping people get the care they need earlier and faster,” said Senator Tammy Baldwin. “Bringing a Tech Hub to Wisconsin is recognition of our state’s rich history of innovation and manufacturing and doubles down on our state’s potential to be a major player in the next chapter of an up-and-coming industry.”
For more information about the Wisconsin Biohealth Tech Hub, visit https://www.bioforward.org/wisconsin-biohealth-tech-hub/.
About the Consortium
The Wisconsin Biohealth Tech Hub is a groundbreaking coalition, uniting civic leaders, educators, entrepreneurs, and healthcare giants in unprecedented collaboration. Together, they maximize regional assets, foster ingenuity, and promote collaboration for a healthier, more equitable, and prosperous future for Wisconsinites. BioForward leads the consortium, other consortium members include: Accuray, Employ Milwaukee, Exact Sciences, Forward BIOLABS, GE HealthCare, Madison College, Madison Region Econ. Partnership (MadREP), Medical College of Wisconsin, Milwaukee 7 (M7), Milwaukee Area Technical College, Plexus, Rockwell Automation, Universities of Wisconsin, UW-Madison, University Research Park, Wisconsin Economic Development Corporation (WEDC) and WRTP| Big Step.
About BioForward
BioForward Wisconsin represents more than 250 member organizations across an integrated network of health solution leaders, including research institutions, biotech and biopharma, digital health, healthcare systems, and medical device, and diagnostics. It is an action-oriented association that focuses on initiatives to strengthen the state’s biohealth industry.
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