Government Relations Committee”

The Associated Medical Schools of New York (AMSNY) today released a report detailing the economic benefits of New York’s academic medical centers.

The 2010 report, “The Impact of Medical Education on the State of New York,” looks at the economic, educational and community benefits of New York’s 15 medical schools and their primary hospital affiliates. Using 2008 data, the report, conducted by Tripp Umbach, a private research organization, studied the impacts of these institutions on New York State.

According to the report, the combined total economic impact equals more than $85.6 billion. This means $1 in every $13 in the New York economy is related to AMSNY medical schools and the primary hospital affiliates.

“Our institutions have a direct and positive influence on New York’s economy,” said AMSNY Board Chairman Dr. Antonio M. Gotto Jr. “We are here in Albany today to impress upon lawmakers that every time they authorize cuts to stem cell funding, Medicaid or other health care-related programs, they are not only making it harder for our medical institutions to provide care and undertake critical research, but they are also negatively impacting the state’s economy.”

According to the report, between 1995 and 2008, the economic impact of these institutions increased by 270 percent – growing 50 percent faster than New York’s overall economy over a 13-year period.

The report also found, in 2008, New York’s academic medical centers:

• Paid nearly $4.2 billion in state taxes, directly contributing to New York’s bottom line.
• Generated more than $3.1 billion in medical tourism by attracting out-of-state patients, visitors and conference attendees. They also attract international dollars from outside of the U.S. in the areas of medical research and clinical expertise.
• Yielded approximately $7.5 billion annually for New York’s economy through research efforts.
• Supported nearly 694,000 full-time jobs.

“One in every 11 jobs in New York State is supported by our medical colleges and teaching hospitals,” said AMSNY President and Chief Executive Officer Jo Wiederhorn. “Nationally, this number is one in 46. New York is lagging behind the rest of the nation when it comes to pulling out of the recession. That’s why it is so important that lawmakers think twice about cutting programs and services that provide new jobs and new funding to the State, such as NYSTAR’s Faculty Development and Technology Transfer Incentive Programs, which have a direct impact on our institutions – institutions that are driving New York’s economic recovery.”