Memphis is known for Elvis, barbecue and FedEx. But thebiomedical industry aims to prove those aren't the city's onlyindustrial assets.
"When people think of Memphis, they usually think of thingsunrelated to medical devices. We actually have a very strongmedical device industry presence," said Catherine Elliott, vicepresident of technology business development for the MemphisRegional Chamber.
The Musculoskeletal New Ventures Conference will be held at TheUniversity of Memphis Wednesday and Thursday, providingentrepreneurs in the biomedical industry a chance to present theircompanies to potential investors.
The conference's purpose is twofold, Elliott said, providingentrepreneurs and venture capitalists with networkingopportunities, and also offering seminars "for people to armthemselves with needed information."
The conference, themed "Memphis Rocks the Biomed World," willalso include a "Memphis-style" reception and tour of the Gibsonguitar factory to provide attendees with a "taste of Memphis,"Elliott said.
Annual revenue in the musculoskeletal field amounts toapproximately $13 billion, with a 12 percent rate of annualgrowth.
"It's an attractive market in terms of size and rapid growth,"said Gary Stevenson, president of MB Venture Partners, a companythat invests in private companies specializing in developing newtechnologies.
Fueled by advancements in technology and an aging populationneeding artificial knees, hips and spine implants, the orthopedicmarket is growing rapidly -- which, considering the nation'seconomy, is "remarkable." Stevenson said.
Memphis is a "very strong healthcare community," providingmedical services for a large radius and "going one step furtherinto the medical device sector," Elliott said.
Memphis is home to four of the world's leading biomedicalcompanies --Medtronic Sofamor Danek, Smith and Nephew, Gyrus ENTand Wright Medical --as well as facilities at The University ofMemphis, the University of Tennessee, Memphis and ChristianBrothers University.
"This is a field that we have some expertise in," Stevensonsaid. "There really isn't any other major market within healthcarethat has that kind of density."
