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Study: UCF College of Medicine Creates 30,000 Jobs, Invests Billions in Region
By UCF Staff Dec. 19, 2008
Photo: Jacque Brund
UCF President John Hitt presented the findings at the Center for Emerging Media.
Seed NewsvineEDITOR'S NOTE: To read what leaders are saying about the College of Medicine, click here.
A new study announced today shows that the University of Central Florida has the right prescription for Orlando’s ailing economy -- a medical school and a growing “medical city.”
The UCF College of Medicine could create more than 30,000 local jobs and have an economic impact of $7.6 billion, according to an Arduin, Laffer & Moore Econometrics study. That’s a nearly 20 percent increase in jobs and overall economic impact compared to a similar 2006 study, despite an overall economic slowdown.
“In a time of declining economic activity around the globe, Central Florida has a proven economic engine in the UCF College of Medicine and medical city at Lake Nona,” UCF President John Hitt said. “This development is a powerful demonstration of our city, counties and state partnering with an entrepreneurial public university for the public good.”
The new figures are based on current and future commitments to the medical school and the life-sciences cluster developing at Lake Nona, now known throughout Central Florida as the medical city. The study shows that in just two years, UCF and the medical city have already achieved 80 percent of the economic impact originally projected for 2017.
“Few things, if any, are as important to our Central Florida economy as the continued support of the medical school,” Hitt said.
Since UCF announced its College of Medicine at Lake Nona, other premier institutions have joined the life-sciences cluster. They include California-based Burnham Institute for Medical Research, a Veteran’s Administration hospital, Nemours Children’s Hospital and M.D. Anderson Cancer Research Institute. These partners are creating a unique collaboration that promises to make Orlando a world-known destination for medical care and research and add billions of dollars to the Central Florida economy.
In a letter about the study’s findings, Florida Gov. Charlie Crist expressed his “enthusiasm for the recent success of the program and the strategic vision you are implementing to expand that success.
“It is my desire that all Floridians have access to quality healthcare,” Crist said. “The university has made excellent use of assets available to you in the Orlando area -- not the least of which being the world-class Lake Nona Medical City project.”
Only Orlando and Dubai are creating medical cities on such a scale. More than $1 billion has already been invested in construction projects alone at the Orlando site, with commitments for $1 billion more. The Tavistock Group, a private investment company that owns Lake Nona, saw the opportunity early by donating 50 acres of land and $12.5 million to UCF for construction of the medical school.
“The study’s findings clearly illustrate the positive impact the medical school and medical city are having on Central Florida and the state, particularly considering the current economy,” said Donna Arduin, who conducted the study at Arduin, Laffer & Moore Econometrics. “The medical school is the focal point of the growth, and ensuring its future success is critical if the economic forecasts are to be realized.”
The study found that the College of Medicine and life-sciences cluster could:
* Help Florida earn more than $13 for every dollar it invests in the College of Medicine and medical city, a 25 percent increase from the 2006 projection.
* Generate $459.9 million in additional tax revenues for the state, a more than 25 percent increase from the 2006 estimate.
* Create up to $2.8 billion in wages, a more than 20 percent increase over 2006 projections.
"History has shown that successful biotech hubs have at their core a medical school, which drives scientific exchange and the pursuit of knowledge,” said Dr. John Reed, M.D., president and CEO of the Burnham Institute for Medical Research. “The presence of the UCF medical school was an extremely important factor in our decision to locate our East Coast campus at Lake Nona."
The College of Medicine will welcome its charter class of 40 students on Aug. 3, 2009, and eventually will produce about 120 medical graduates a year. UCF received more than 4,300 applications for the 40 positions in the first class.
UCF is offering a one-of-a-kind scholarship program to its charter class. Each student accepted will receive a $40,000 scholarship for tuition, living expenses and fees for each of the four years of the medical degree program.
The scholarships were completely funded by nearly $7 million in community donations from across the Orlando area. Although UCF is a new medical school, it has already made history -- the Association of American Medical Colleges says UCF will be the first medical school ever to provide full scholarships for four years to an entire class.
The four-year medical program will capitalize on UCF’s existing strengths in biomedical sciences, modeling and simulation, and optics and photonics. Other programs in materials science, psychology, hospitality, chemistry, film and digital media, and nursing will support the program.
“Our goal is to build this century’s best medical school,” said Dr. Deborah German, M.D., dean of the UCF College of Medicine. “Together with our faculty, researchers and partners, UCF will set the standard for medical education and improve health care in Central Florida.”
UCF Stands For Opportunity: The University of Central Florida is a metropolitan research university that ranks as the 6th largest in the nation with more than 50,000 students. UCF's first classes were offered in 1968. The university offers impressive academic and research environments that power the region's economic development. UCF's culture of opportunity is driven by our diversity, Orlando environment, history of entrepreneurship and our youth, relevance and energy. For more information visit http://news.ucf.edu.
