A new report from the Advanced Medical Technology Assn. touts the medical technology industry’s fortitude through the recession.
The 28-page account, "The State Economic Impact of the Medical Technology Industry," considers the sector’s economic affect on each of the 50 states and the District of Columbia.
According to the report, authored by the Lewin Group, between 2007 and 2008 total U.S. manufacturing employment shrank 4.8 percent versus med-tech’s 1.1 percent slide. Total U.S. manufacturing payroll sunk 1.4 percent, compared with the medical device segment’s 0.7 percent decrease; total product sales increased 2.8 percent versus med-tech’s 3.0 percent rise.
The industry can lay claim to 422,778 jobs, $24.6 billion in annual payroll and $135.9 billion in sales. It comprises 23,907 employees in Mass., the third most in the country, and represents $8.29 billion in sales for the Commonwealth, a number trailing only California.
In addition to the obvious macroeconomic impact of the industry, the report also shows that salaries in the industry are 39.6 percent higher than the national average, at $58,188 versus $41,680.
And the industry has a significant "mulitplier effect" on sectors medtech comes into contact with, claiming the creation of an addition 1.5 jobs per medical technology job created. Each med-tech payroll dollar and sales dollar generates an additional 90 cents per payroll and sales, respectively, for states’ economies, according to the report.