A new report shows the Greater Memphis area’s medical device industry, with nearly $4.1 billion yearly impact on the local economy, added about 2,000 jobs and grew its economic output by $1.4 billion between 2015 and 2022. 

The Greater Memphis Medical Device Council presented the findings of the report, conducted by Younger Associates, on Tuesday, Sept. 20, 2022, during the annual Musculoskeletal New Ventures Conference at the University of Memphis. 

British med tech delegation tours Memphis

Jodie Gilmore, executive vice president of Elos Medtech and chair of the Greater Memphis Medical Device Council, said the council’s mission is to build a strong alliance among member companies to better understand their shared economic development and workforce needs. 

“Yes, we want more,” she said. “We want more companies. We want more jobs. We want more impact. And there’s growth out there to be had. And we would love for that growth to be happening right here. The Memphis region is currently the second largest in the United States for medical devices. Well, I say, ‘Why not aim to be number one?’”

Tennessee has taken the top spot in the Southeast for medical equipment and supplies exports for 17 consecutive years and is the second largest exporter of medical products in the U.S., according to the Tennessee Department of Economic and Community Development. 

“For the companies that are here today for the conference, we hope they, too, will choose to call the Memphis area home,” said Gwyn Fisher, Greater Memphis regional director of the Tennessee Department of Economic and Community Development. “I think they will find an incredibly supportive environment that works hard to provide not only the capital they need, but the human capital to be successful.” 

Memphis-based accelerator program looking for med tech entrepreneurs

The new report surveyed 45 companies operating locally, and found the average annual wage paid to direct employees was $103,568, nearly 40% higher than the county’s average wage across all sectors. 

Beverly Robertson, president & CEO of the Greater Memphis Chamber, said the medical device industry is a key partner in building a robust innovation economy here. 

“At the chamber, we are working very, very hard to reel those businesses in and to upskill employees so that we have a talented pipeline,” she said. “We have people that you literally can hire when you are growing new businesses here in the marketplace. We want to lift Memphis up by lifting our people up.” 

The medical device industry currently supports 18,762 jobs — 7,895 direct jobs and 10,867 indirect — which comprises 3.4% of all jobs in Shelby County. 

Memphis-based medical device company acquired for $145 million

Its contribution to the gross domestic product has increased about 25% since 2015, while its output represents 5.5% of Memphis’ total gross domestic product. 

The medical device industry plays a crucial role in supporting the community. In addition to philanthropy and other types of community involvement, medical device companies and their employees will contribute $49.7 million in taxes in 2022, up from $46 million in 2015. 

“Our companies exist to save and restore lives every day,” Gilmore said. “Every day, we design, develop, manufacture and deliver essential medical devices around the globe. And these devices help people live and help them live better.

But it’s accurate to say that our contribution does not stop in the operating room and in the surgical suite … you can see that the medical device companies are creating tremendous opportunities and making lives better within our Memphis region and for Shelby County.”

The Eye Center marks 20 years of helping Memphians see more clearly