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Top Destination for the Healthcare and Biomedical Industry
The total workforce costs for healthcare and biomedical in Phoenix are thousands less than all other peer markets. With a number of nationally recognized medical institutes in the region, the number of available candidates is far greater in Phoenix than in San Diego or San Jose. With nearly 6,000 graduates from related degree programs in 2018, the highly educated workforce in Greater Phoenix is among the most sought after candidates by healthcare and biomedical institutes across the nation.
With multiple notable medical schools located throughout the region and ASU’s innovative programs in healthcare and health technology, Greater Phoenix is no longer a bystander in the healthcare and biomedical industry. University alignment has helped put Greater Phoenix on the map as supplying great candidates with the resources necessary to aid in technology advancement and research in the science and practice of biomedical informatics.
The total operating costs in healthcare and biomedical are more than 10% lower than other competitive regions and a corporate income tax rate that is more than 3% lower than competitor markets. There are also a number of specialized tax incentives that can be utilized to help mitigate operating costs in Arizona.
There are a number of nationally recognized medical institutes in Greater Phoenix that support and manage clinical trials, research activities, patient care delivery, collaborative research trials, medical technology advancement, and much more. From health tech startups to highly recognized medical facilities, cutting edge research occurs daily in Greater Phoenix.
Many nationally recognized hospitals and institutes call Greater Phoenix home. Banner Health is headquartered in Phoenix and is the region’s largest private employer, with over 27,000 employees. There are hundreds of healthcare and biomedical firms in Greater Phoenix.
Greater Phoenix Talent Pipeline
Greater Phoenix’s education pipeline surpasses top competitors in the marketplace. Some of the most sought after healthcare and biomedical graduates come from Greater Phoenix as they are given unique opportunities during their time at each of the universities listed below. Arizona’s institutions of higher education are training the healthcare and biomedical workforce of the future via innovative partnerships and high-quality programs with clinics and hospitals around the region.
Nationally Recognized Programs in Healthcare and Biomedical Fields
Greater Phoenix is leading the way in biomedical informatics. The Department of Biomedical Informatics at ASU fosters strong partnerships among academic researchers, clinical practitioners, and regional health care providers in the advancement of research and education in the science and practice of biomedical informatics. Students and graduates are given a unique opportunity to work side-by-side with senior level healthcare and biomedical associates who’s research is changing the industry as a whole.
The department is supported by unique collaborations with:
- Mayo Clinic
- Banner Health
- Barrow Neurological Institute
- The University of Arizona College of Medicine
Largest Medical Device Manufacturers
Greater Phoenix is home to an assortment of innovative medical device manufacturers. Listed below are three of the largest in terms of employees.
Large Healthcare and Biomedical Firms in Greater Phoenix
There are hundreds of healthcare and biomedical firms in Greater Phoenix. Listed below are three of the largest firms.
Annual median wages in Metro Phoenix are generally lower than competitor markets such as Boston, San Diego, San Francisco and San Jose. Phoenix also has a larger workforce than markets like San Diego and San Jose.
Scroll to the side to see how Phoenix stacks up against other cities in terms of median wages for healthcare and biomedical jobs.
|Occupation||Phoenix||Boston||San Diego||San Francisco||San Jose|
|Medical and Health Services Managers||$97,843||$116,043||$118,581||$125,466||$121,638|
|Natural Sciences Managers||$90,667||$168,709||$149,198||$169,562||$175,864|
|Software Developers, Applications||$100,755||$108,514||$110,926||$137,675||$127,421|
|Software Developers, Systems Software||$98,904||$119,426||$114,670||$135,450||$144,248|
|Computer Hardware Engineers||$106,487||$113,684||$116,542||$138,362||$143,117|
|Biochemists and Biophysicists||$90,168||$104,000||$72,946||$102,648||$100,090|
|Biological Scientists, All Other||$77,792||$77,168||$81,349||$93,330||$101,962|
The Annual Business Operating Costs Analysis has been prepared using the following parameters as an estimate for healthcare and biomedical operations in competitor markets.
- $1,500,000 personal property investment
- 10,000 square foot Suburban Class A, lease
- Utilities (per month): Included in lease
- 50 jobs (Bureau of Labor Statistics equivalent occupations)
|Customer Service Representative||25|
|Sales Rep, Technical and Scientific Products||10|
|Software Developers, Applications||5|
|Computer User Support Specialists||4|
|First-Line Supervisors of Non-Retail Sales Workers||2|
|First-Line Supervisors of Office and Admin Workers||2|
|Human Resources Specialists||1|
Annual Operating Cost by Region
Arizona Tax Environment vs. Competitor Markets
Arizona has a very competitive tax and fringe/mandated benefits environment compared to other major healthcare and biomedical markets.
Even with the highly competitive tax environment in Greater Phoenix and Arizona, there exists a number of tax incentives that can be utilized to mitigate operating costs.
Quality Jobs Tax Credit
The quality jobs tax credit program awards $9,000 of tax credits over three years for qualifying companies. The chart below highlights minimum qualifying capital expenditure and wage rate within an urban area, while the texts describe additional program parameters.
These are just some of the tax credits and incentives offered to business owners in Greater Phoenix. For a more in-depth look into statutory incentives and other major tax credits, request a download of the full Healthcare and Biomedical PDF. We are here to provide employers and employees with as much information as possible to help guide you into making the best decision possible for your future.
Want to see a full list of companies in Greater Phoenix? Download the complete report.
Phoenix Biomedical Campus
Learn more about the 227,113 SF of office and lab space available today at Wexford Science + Technology’s Downtown Phoenix, biomedical campus.