State's knowledge economy continues to grow
High-tech medical firms will improve our quality of life, both economically and physically.
Published: Sunday, October 15, 2006 - 6:00 am – Greenville News
By Bill Mahoney and Michael Riordan
South Carolina's knowledge economy took another step forward last week when Sabal Medical -- a former Washington state-based medical technology company -- announced it is relocating to South Carolina after receiving a $150,000 investment from SCRA's SC Launch! collaboration.
The move bolsters the growth of biotechnology and instrumentation in South Carolina.
Why is this important for South Carolinians? Sabal is part of a wave of high-tech medical and bioengineering companies being attracted to South Carolina – or spinning off from existing companies. Not only will such companies provide high paying jobs and create a catalyst that will attract still more companies, but the work itself will result in improved health care.
SCRA helps lead growth of South Carolina's burgeoning knowledge economy by uniting leading universities, industry associations, government agencies and private enterprise to advance technology, apply research findings and commercialize technology breakthroughs.
South Carolina's knowledge economy will be built on a threefold foundation -- the creation of high-salaried technology jobs, nurturing new ventures and capital investment, and building equity in a globalized future.
Since its inception, SCRA has been focused on these goals. SCRA has now generated a total economic impact of more than $6.9 billion and in the process helped create more than 15,000 jobs. If it were public, SCRA would be one of the top 25 corporations in South Carolina, based on revenue. In 2005 alone, SCRA achieved more than $80 million in revenues.
To date, SCRA's SC Launch! has approved investments in more than 10 technology companies and has 50 more companies under consideration for investments. It has subsidized building of two new technology facilities and will be breaking ground in Anderson for a new research building to better collaborate with Clemson University.
SCRA aggressively supports new ventures in this state that expand high technology and biotechnology. SCRA recently created national standards for information technology practices in expanding access, yet ensuring confidentiality, in this nation's health-care records systems.
By enticing high-impact technologies like Sabal Medical to relocate to the state, SCRA is fostering the growth of the knowledge economy, particularly in the field of biotechnology. By building on our state's strengths in this area, we will propel job creation and wealth for the citizens of South Carolina. This seed investment will continue to pay dividends by spurring growth and development in biotechnology.
The move follows an initial seed investment by SC Launch! that is expected to generate additional follow-on capital from other angel investment groups in South Carolina. SC Launch!, an SCRA collaboration, accelerates entrepreneurial growth of technology startups by delivering key tools for success by supplying qualified high potential companies with a mix of management counsel, facilities, mentoring and seed money of up to $200,000 in loans or equity investments.
At the same announcement last week, Sabal Medical unveiled that it has formed a relationship with national pharmacy automation leader Greenville Hospital System, allowing for the testing of Sabal's new automated nursing medication carts.
GHS has agreed to serve as a test site for Sabal Medical as the company continues its advancements in medical carts and software. GHS pharmacists and nurses will have the opportunity to use the Sabal Medical equipment and provide feedback on product enhancements that will promote practical use in the clinical environment. Such leading-edge technology will give patients access to the latest patient care advances.
Sabal Medical provides patent-pending automated medication carts and bar-code verification software for pharmacists and nurses to ensure proper administration of medicine, combining the security and tracking benefits hospital pharmacies require. Sabal's medication cart, named Palmetto, helps nurses and pharmacists close the loop, so they can provide safe care by accessing and administering medicines at the bedside.
The Sabal announcement follows a series of others by SC Launch!, marking the most recent South Carolina company to receive funding by SC Launch!. In recent months, among others, Argolyn Bioscience of Charleston, Advanced Automation Consulting of Columbia and eSchoolware of Daniel Island each received seed money.