Photo Credit: medium.com
When you think of Scottsdale, what do you think of? A great retirement destination? Golf? Partying in Old Town?
One thing you probably don’t think of is biotechnology. Yet one local firm is looking to change that, and making important progress. Scottsdale-based BioLab Sciences recently won the award for Best Bioscience Firm of the Year from the Arizona Bioindustry Association.
The firm focuses on restorative technology, with treatments for orthopedic injuries, pain management, aesthetic medicine, respiratory ailments, cardiovascular indications, and ophthalmic issues being amongst their arsenal of solutions. With a large number of retirees in the city, there no doubt are many opportunities for clinical trials, as well as significant sales opportunities.
According to Thought.co, biotechnology is an industry that is focused on the manipulation of living organisms to create commercial products. Those products can be drugs, therapeutics, devices or implants. Its inventions are most well known for their use in health care, but their use in agriculture has helped lift hundreds of millions out of poverty due to it facilitating better crop growth.
The young company was founded in 2018 but has expanded significantly since then, going from 4 to 70 employees since incorporation. According to the firm they have had an 843% annualized growth rate over the last 3 years, and their products have been used by over 700 patients since then. No word on whether a high-profile IPO is upcoming, but Wall Street has smiled on the biotech sector for years now, so it certainly can’t be seen as out of the question.
This just goes to show that Scottsdale has all of the aspects necessary to foster innovation: a good growth- and business-friendly atmosphere, a solid educational system, a strong talent pool, and incredible livability. All these things bode well for a strong future for science in Scottsdale.