Nation's third-largest medical school has annual impact equal to hosting 31 Summerfest music festivals

MILWAUKEE, Dec. 5, 2024 /PRNewswire/ -- The Medical College of Wisconsin (MCW) had a $5.82 billion direct operational economic impact on the United States' economy in fiscal 2023. The full report can be found here.

The third-largest private medical school in the nation, MCW's total economic impact annually is equal to hosting approximately 31 Summerfest music festivals, which generate an estimated economic impact of $189 million per festival to the state of Wisconsin.

Additionally, more than 38,500 jobs were directly and indirectly supported and sustained statewide by MCW collectively in fiscal 2023.

"This report demonstrates the Medical College of Wisconsin to be not only an impactful academic and research institution, but also an economic driver and force beyond our state and into the nation," said John R. Raymond, Sr., MD, president and CEO of MCW. "We believe in being a transformational leader for healthier communities and a more vibrant economy in which individuals and families can flourish."

MCW is one of the top 100 research institutions, according to the National Science Foundation, in the United States out of 20,000 institutions. MCW is the largest private research institution in Wisconsin. MCW invested approximately $400 million in research, training, and related purposes during fiscal 2023, including conducting more than 3,800 research studies and clinical trials and leading the most cancer and neuroscience clinical trials in Wisconsin.

MCW's research expenditures - an important driver of activity and growth - and indirect and induced economic activity resulting from those expenditures totaled $826.3 million during fiscal 2023, according to the report. MCW's research activities have a significant economic impact, generating about $8 in economic output for every $1 spent on research, when spending and spin-off development are included in the total impact.

Nearly 60 percent of all MCW graduates remain in Wisconsin to practice in a wide range of healthcare and health science positions. The 12,000 MCW alumni living in Wisconsin collectively contribute $19.5 billion in economic impact annually to the Wisconsin economy, according to the report. MCW also ranks in the top 5 percent nationally among medical schools in the number of resident physicians it trains and is the state's leading provider of specialty-trained doctors.

Read the full release at: https://www.mcw.edu/newsroom/news-articles/the-medical-college-of-wisconsin-delivers-nearly-6-billion-economic-impact-in-fiscal-2023.

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SOURCE Medical College of Wisconsin