AMSNY Hosts Roundtable on the Economic Impact Academic Medical Centers have on New York

Government Relations Committee”

The Associated Medical Schools of New York (AMSNY) today hosted a roundtable discussion on the findings of a recent economic impact report commissioned by AMSNY.

More than 90 people packed the room, including lawmakers, representatives from the governor’s office and staff from the state departments of budget, health and education. The New York State Foundation for Science, Technology and Innovation, as well as the State University of New York, also were represented.

According to the report, the academic medical centers’ combined total economic impact equals more than $85.6 billion. This means $1 out of every $13 in New York’s economy is related to AMSNY medical schools and their primary hospital affiliates. Further, AMSNY medical schools and their primary hospital affiliates support approximately 694,000 jobs or one in every 11 jobs in New York. It is projected by 2016, there will be more than 300,000 jobs created in New York’s education and healthcare sectors.

The roundtable, led by the Deans of New York’s medical schools, examined how the state’s academic medical centers impact local communities, and highlighted the link between education, research and patient care. The discussion also touched upon the future of academic medical centers in New York.

“New York State is home to more medical schools than any other state in the country,” said AMSNY President and Chief Executive Officer Jo Wiederhorn. “More than 8,100 medical students, 11 percent of the nation’s total, and 15,000 residents, 15 percent of the nation’s total, are trained in the state. New York is leading the nation in total employment by medical schools and their primary hospital affiliates. This is an enormous accomplishment that must be recognized and fostered.”

The report also showed that between 1995 and 2008, the impact of medical institutions on the state’s economy grew by 270 percent, while the overall economy grew by only 186 percent. “The economic impact of these institutions grew 50 percent faster than New York’s overall economy over a 13-year period,” said Wiederhorn. “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 New York State’s Spinal Cord Injury Research Board and Trust Fund, Innovation Economy Matching Grants Program, and stem cell research programs, which have a direct impact on our institutions – institutions that are driving New York’s economic recovery.”

“We are living in a time of accelerated changes in health care research, and our state’s academic medical centers are uniquely positioned to lead this change,” said AMSNY Board Chairman Dr. Antonio M. Gotto Jr. “We hope this discussion has inspired New York’s decision makers and other stakeholders to make wise choices when it comes to cutting programs that impact New York’s medical centers. These institutions are important anchors of this growing sector of the state’s economy. We must do everything we can to advance these institutions, not stifle them.”

For further coverage on the discussion, click here.