Cure Corridor Going Strong

by RaeAnne Marsh

Cure-CorridorThe healthcare sector continues to be a strong element in the local economy. It’s an area the City of Scottsdale has focused on specifically for its economic development, branding intersecting stretches of Scottsdale Road and Shea Boulevard the “Scottsdale Cure Corridor.”

Businesses in that corridor have chalked up numerous economic-impacting milestones this year.

Medical lab Theranos, whose proprietary blood test from a mere finger prick was recently approved by the U.S. Food & Drug Administration, expanded into Arizona the end of last year with office space at ASU’s SkySong and jobs for about 500 people. Theranos, which operates wellness centers in Walgreens pharmacies, is now entering into a similar partnership with Arizona State University. This will be the company’s first partnership with a university, but the new clinic at ASU’s Downtown Phoenix location will be open to the public as well as ASU students and faculty.

Relating news of direct financial nature, Scottsdale Economic Development Manager Christian Green shares that, in 2015, Orion Health announced the expansion of its operations and facilities, hiring 800 new jobs with an average annual wage of $88,000; Cymedica Orthopedics, a Scottsdale-based medical device company, received $11.5 million in venture capital financing; Scottsdale cell therapy firm Lattice Biologics landed $1 million in capital infusion; and Zenefits, a payroll and benefits company, was raised $500 million in Series C funds.

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