Utah is becoming a hub for healthcare innovation
AAs more and more people gain a better understanding of the US healthcare system, urgency-driven regulatory change and innovation have been positioned to overcome the pitfalls in American healthcare.
The emergence of a “work from anywhere” lifestyle has led to the discovery of a multitude of reorganization tactics. The healthcare industry has found ways to move hospitals to parking lots, provide care via Zoom, and provide protective gear without requiring full locations. As the pandemic appears to be behind us, health agencies continue to use the pandemic as motivation for better care. Yet one state has led the charge in innovative health: Utah.
Compared to every other state, Utah is considered the second-best healthcare system in the nation, according to Mecart, a maker of “clean rooms.”
In its analysis, Mecart rated each state on a 10-point scale based on the quality of its health care system, number of staffed beds per capita, average emergency room wait times, coverage and annual health care premium costs. When examining state metrics, Utah was second in health care quality, 11th in accessibility, had the cheapest annual health care premiums, and had the highest percentage coverage by the employer.
Beehive State is also home to three top-ranking hospitals: Intermountain Medical Center’s Pulmonary Program, the University of Utah’s Huntsman Cancer Institute, and the Ear, Nose, and Throat Clinic at the University of Utah. of Utah.
With success evident in Utah’s healthcare sector, healthcare innovators are rapidly expanding existing services and research.
Founded in the midst of the pandemic, Altitude Lab is an incubator focused on developing a diverse new generation of healthcare startups and home to the largest life science lab in the region (14,500 square feet) . The lab also has a working partnership with Recursion and the University of Utah that has provided access to academic facilities, intellectual property experts, and top healthcare investors. Altitude startups strive to use technology for cancer treatment and the elimination of post-surgery opioid addiction.
“Fifteen years ago, Utah’s business-friendly tax policy and its pool of highly skilled talent encouraged everything from technology to finance to thrive in the state,” said Chandana Haque, executive director of ‘Altitude Lab.
“When we combine this base with the strength of Utah’s health systems and research excellence in genomics and oncology, it’s easy to see why we’ve become one of the fastest growing regions for innovation in biotechnology and healthcare,” said Haque.
In 2021, Utah produced nearly $295 million in venture capital.
Today, Altitude works with an Investor Coalition, a network of venture capitalists helping to support startups and grow the life sciences-focused incubator. Each investor initiates mentoring for the founders of the lab and participates in regular pitch events.
“Policymakers recognize the opportunity to build on this success with new economic development programs, such as Salt Lake City Mayor Mendenhall’s Health Care Innovation Blueprint, which will not only strengthen our local economy, but also expand the positive impact of our industry on global healthcare.It is within this strong and growing innovation economy that Altitude Lab makes laboratories, funding and our scientific community accessible to various entrepreneurs to further fuel our growth,” said Haque.