Industry innovation a key player in Broward’s economic development

Industry innovation a key player in Broward’s economic development

2022-07-13T06:23:18-04:00March 31st, 2022|Economy, Fort Lauderdale, Healthcare & Life Sciences, Technology|

Writer: Liz Palmer

pharmaceutical broward2 min read March 2022 — Broward County’s economy is showing no signs of slowing down and local leaders in economic and workforce development are confident in where the region is headed. As the economy continues to diversify, the technology and pharmaceutical manufacturing sectors have established themselves as key contributors to economic growth in the area.

The region already leads in its tourism and transportation industries but technological innovation is becoming a key industry in Broward, with startups and large corporations alike putting roots down. An analysisopens PDF file by the South Florida TechGateway from last year showed the tech industry pushing Broward’s economy forward, with 15.4% more jobs in tech having been created in 2021. The figure is higher than other tech hubs, such as Los Angeles, Dallas and Denver. The report also found that the region claimed “nearly half of the total amount invested in startup and late-stage companies in South Florida.” President and CEO of the Greater Fort Lauderdale Alliance Bob Swindell told Invest: this year about the efforts that brought the tech industry knocking at Broward’s door. “It’s not just a place to visit for vacation,” he said. “Broward County is also the birthplace of companies like UKG, Citrix and Chewy. Telling success stories like these is important to our economic growth and to increase visibility.”

Mayor Dean Trantalis of the City of Fort Lauderdale told Invest: this year that leaders across the board expect the growth to continue. “We’re getting a variety of inquiries and transfers of companies moving into our communities. Like Miami, we are looking to attract tech and financial services industries,” he said. “We’ve also been working with pharmaceutical companies in the hope they will bring their manufacturing locations from other parts of the country and the world to Fort Lauderdale.”

The global life sciences industry is expected to grow 11.34% by 2028, according to Grand View Research, but it has always been strong in South Florida. Life sciences organizations are everywhere in Broward, the county being home to a long list of industry leaders, including Allergen, Aveva Drug Delivery Systems, Florida Supplement and SHL Pharma, and companies are either relocating to the region or expanding their operations that are already there. Sincerus Pharmaceuticals announced plans last September to expand its manufacturing stronghold as well as its Pompano Beach headquarters. 

The sector adds 13,000 jobs to the market, according to the Greater Fort Lauderdale Alliance, and the talent pool is consistently meeting demand through the support provided by Life Sciences South Florida, an alliance of companies and organizations that sit under the life sciences umbrella. The partnerships ensure that every facet of the sector is working in harmony with one another to best serve patients and customers. It fosters educational relationships, ensuring there is diverse programming offered for workforce development success. Florida Atlantic University, Broward College, Nova Southeastern University and other educational institutions work together to provide education supporting the pharmaceutical manufacturing industry, from certifications to doctoral degrees.