OrthoWorx issued this statement today:
Warsaw, Ind., Feb. 2, 2012 -- OrthoWorx announced today the launch of a feasibility study for a signature project that could support and grow the $11 billion Kosciusko County orthopedic device industry and enhance the broader community that depends on the sector's continued growth.
Preliminary research shows the community and the orthopedic industry could benefit from a local asset for research, education and innovation delivered through an orthopedic specialty hospital. Such a facility could help substantiate Warsaw's position as the Orthopedic Capital of the World, support industry innovation and growth, create local job opportunities and result in ancillary economic activity. In addition, it could provide a clinical setting to engage the state's research universities to encourage the development of orthopedic scientific research as a core competency.
Warsaw is home to one-third of the $38 billion global orthopedic industry, contributing nearly $4 billion in local economic impact and accounting for 43 percent of Kosciusko County's employment. Additionally, the orthopedic industry accounts for nearly 1 percent of Indiana's total economic output.
"OrthoWorx was formed as an industry and community collaborative to ensure Warsaw continues to be the Orthopedic Capital of the World," said David Floyd, chief executive officer, OrthoWorx. "To that end, it's imperative that we collectively bring forth projects that could support the growth of the community's orthopedic industry and contribute to the vitality of the region. We believe a specialty orthopedic hospital, with a focus on education and research, has the potential to serve that role."
"This concept is exciting and we want to explore its feasibility," said Suzanne Light, executive director, Kosciusko County Community Foundation and OrthoWorx board of directors member. "While this project could be significant to our local orthopedic industry, it could be even more important to our community. It is exciting that this study could lead to a resource that advances research and innovation and could improve patient care and healthcare outcomes for patients worldwide."
The OrthoWorx Board of Directors approved moving forward with a feasibility study for a nonprofit orthopedic specialty hospital. The goal of the detailed study is to further define the business case, create a funding strategy and determine partnership opportunities for the hospital's construction, operation and maintenance and medical education component.
OrthoWorx has been active in leading initiatives intended to enhance the economic vitality and quality of life in the Warsaw region. Notable past projects include funding the creation and launch of the OrthoWorx Center for Excellence in Regulatory and Clinical Affairs at Grace College. The Center currently offers degree and certificate programs in orthopedic regulatory and clinical affairs, providing industry employees and other area residents with training in an in-demand field. Also, OrthoWorx has partnered with Ivy Tech Community College to improve and expand advanced manufacturing training at the Orthopedic and Advanced Manufacturing Training Center, which is based in Warsaw.
OrthoWorx (www.orthoworxindiana.com) is a Warsaw-based, industry, community and education initiative established to advance and support growth and innovation within the region's uniquely concentrated, globally significant orthopedic device sector. Funded in part by the Lilly Endowment, OrthoWorx was founded in 2009 following a comprehensive study conducted by BioCrossroads. The initiative engages and enhances the broader community interests that both serve and depend upon the sector's continued growth by targeting an integrated set of educational, workforce, cultural, communication, branding, logistical and entrepreneurial efforts.