The Washington State Department of Commerce and Cambia Grove, a healthcare technology innovation center, conducted a study of the economic impact healthcare innovation has within Washington State.
Here are five key findings from the Washington Economic Impact Study.
1. Healthcare innovation accounts for $6.8 billion in goods and services generated for output in the state.
2. It generates $2 billion in total income for the state.
3. The state has created 22,500 healthcare innovation jobs, both in urban and rural areas.
4. Healthcare innovation accounts for 6 percent of the state’s total healthcare economy, and produces 13 percent of the state’s total healthcare-related goods and services.
5. Professionals in healthcare innovation earn approximately 8 percent more than other workers.
“With 54,700 total health care jobs across the state connected directly or indirectly to health care innovation, we have identified a driving force for strategic economic growth in Washington,” said Nicole Bell, executive director of Cambia Grove. “This study establishes baseline metrics we will use to track our progress toward consumer-focused innovations that lower healthcare costs, improve the quality of care and move us toward a healthier Washington.”
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