News

Study of life-sciences industry reveals Valley strengths

Top research institutions, existing life-sciences industries, a pro-business stance, and an affordable standard of living help make the Tennessee Valley well-suited for growing and attracting companies in the life-sciences industry, according to a TVA study.

TVA launched the life-sciences study last November to help improve recruitment of the industry in the region. Fluor Global Location Strategies of Greenville, S.C., was commissioned by TVA to facilitate the study as an independent source.

“TVA’s life-sciences study conducted by Fluor GLS, a life-sciences consultant with global expertise, gives communities throughout the Valley a competitive advantage in marketing their regions to life-sciences industries,” says John Bradley, TVA’s Senior Vice President of Economic Development. “The life-sciences industry is a growing market, and by targeting this sector, we hope to increase visibility and attract more jobs and investments to the Valley.”

Valley is well-positioned to compete

Fluor GLS, through its study of data and community visits, found that TVA’s seven-state region has several strengths that make it an attractive location for life-sciences companies.

The region features a strong research base that includes Vanderbilt University, the University of Tennessee statewide university system, St. Jude Children’s Research Hospital and Oak Ridge National Laboratory. The life-sciences industry already has a presence in the Valley with several companies that specialize in the manufacturing of medical devices, production of generic drugs and product distribution. Additionally, the region’s support of growing businesses and the cost advantages of living and working in the region make it an attractive area in which to locate.

“From a competitiveness standpoint, the TVA region has many hidden strengths and is well-positioned to compete and support future growth in targeted segments of the life-sciences industry,” says Fluor GLS Managing Director Jim Kupferer. “Through community visits and by comprehensively identifying all regional assets and opportunities, we were able to assess the Valley firsthand and benchmark the TVA region against our extensive global database of communities and sites targeting the life-sciences industry.”

Eight areas are particularly strong

Fluor GLS identified eight population clusters in the Valley to evaluate for their potential to attract the life-sciences industry. The regions include Chattanooga, Knoxville/Oak Ridge, Memphis, Nashville and the Tri-Cities in Tennessee; Huntsville/North Alabama; southwestern Kentucky; and North Mississippi.

Each region was evaluated to determine whether its attributes – such as proximity to research hospitals, characteristics of sites, workforce availability and quality of life – would appeal to a segment within the life-sciences industry.

For the purpose of the study, the industry segments that were considered include discovery and research, product development, active pharmaceutical-ingredient bulk manufacturing, secondary manufacturing, and drug-product distribution.

All regions that were evaluated will receive individualized strengths and opportunities assessments from Fluor GLS. Each community and region will be able to use the information to market its amenities and assets to potential life-sciences companies seeking new partnerships or a new location.