June 2018 — If there is one thing to take away from Philadelphia’s business market it is that higher education and healthcare — or as the locals call it, “meds and eds” — are two major sweet spots. Philadelphia and its surrounding region are home to numerous internationally ranked universities and hospitals that produce some of the world’s foremost thought leaders and life-changing research. The growth of both industries feeds into other sectors of the market as well.
Development projects for both higher education and healthcare are popping up all over the city, whether in the form of new innovation centers like Pennovation and Schuylkill Yards or new additions to Penn Medicine and Main Line Health. Life sciences, healthcare and education are some of the leading sectors driving business at the city’s law, accounting and consulting firms as well.
We sat down with some of Philadelphia’s leading minds in meds, eds and other industries affected by their growth in order to learn more about the region’s “meds and eds” phenomenon.
Craig Carnaroli, Executive Vice President, University of Pennsylvania
“Penn has amazing momentum right now. The research that is happening here, like Dr. June’s CAR-T therapy, and the people we are attracting to the university are creating an amazing trajectory for us. We are a part of some game-changing gene therapy that was just recently FDA approved and could have a huge impact on both improving lives and the Philadelphia economy. The University of Pennsylvania and the Philadelphia higher education sector are very strong. There is a need for a larger STEM workforce, and with the quality of student we continue to attract, we can make an impact on that workforce.”
Jay S. Feldstein, DO, President, Philadelphia College of Osteopathic Medicine
“60 percent of our graduates go into primary care. You can’t go to a medical institution in the Philadelphia or Mid-Atlantic regions without bumping into one of our graduates who’s either an attending physician in practice, a resident or a medical student. Our location and our affiliations offer a unique opportunity for students to really immerse themselves in the medical community and culture.”
Christopher Bruner, Office Managing Partner, EY
“Life sciences is a huge sector for us, especially in Philadelphia, and not just because the industry has a large presence in the city. It is because our employees want to give back. Millennials especially want to work with companies that they know are doing good, and they want to give back themselves, which is something we encourage as a firm.”
Teddy Thomas, President, Ronald McDonald House
“Medical tourism is something that happens organically. Because of the doctors and their sub-specialties we have here, people come for very specific reasons. People are not traveling for general care; they are traveling for specialized care. Medicine is continuing to evolve through the insurance industry, as well as in the form of hospitals building new and continuing to invest in their own research. Sub-specialized care draws people out of their local communities, and Philadelphia will continue to see a growth of people traveling to this region for their care. We feel very lucky to be in the amazing meds and eds corridor that we have.”