Florida generated more than $6 billion in revenue in medical technology in 2020.
Florida isn’t often thought of as a manufacturing hub, much less a high-tech medical manufacturing Mecca. A new report counters that belief, showing Florida is a major player nationally in making health care devices and related work.
How big? The state ranks No. 3 in total medical technology employment, with nearly 24,000 jobs, and No. 7 in total revenue generated in the sector, with $6.09 billion. The report, from industry trade group Advanced Medical Technology Association, AdvaMed, states “that the 2019 repeal of the medical device excise tax has enabled the Florida medtech industry to excel. As a result of policies that value growth and innovation, medtech revenues have had countless benefits for Florida state revenues and payroll.”
The industry contributed more than $1.2 billion in state payroll, the report shows.
“This new data clearly shows that our industry not only creates lifesaving medical technologies but also generates tremendous economic benefit to Florida and its workers,” AdvaMed President and CEO Scott Whitaker says in a statement. “As we begin to emerge from the pandemic, we encourage state leaders to continue supporting policies that recognize the critical role medical innovation plays in the state and its workers’ lives.”
“This new report reaffirms the medtech sector’s leadership role in Florida’s manufacturing economy and the creation of high-wage, high-value-added jobs,” adds Florida Medical Manufacturers Consortium Executive Director John Ray. “The vast majority of Florida medical device manufacturers are small, entrepreneurial firms, employing fewer than 25 people. These are the companies driving Florida’s job creation and innovation in patient care, and policymakers should continue to nurture them through sound public policy and business climate improvements.”