[Source: TGen] – TGen Drug Development (TD2) is poised to play a significant role in the expansion of Scottsdale’s biomedical industry, fostering new jobs and city revenues, and prompting the creation of more related businesses.
That is the conclusion of a new report released today by the independent economic research firm Tripp Umbach of Pittsburgh about TD2’s economic impact on Scottsdale.
And while TD2’s contributions to Scottsdale already are solid, its projected impact within 5 years will increase by nearly tenfold, the Tripp Umbach report concludes.
TD2’s direct annual economic impact on Scottsdale in 2009 was $4.3 million. But when TD2’s affiliated company operations are included, the total economic impact in 2009 was pegged by Tripp Umbach at more than $26 million. That total economic impact is projected to reach more than $239 million by 2015, the report said.
For more information: New study shows TGen spin-off boosts Scottsdale economy