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  • sam patrick posted an article
    Addressing high demand for accomplished leaders to spearhead the sector’s growth. see more

    Compliments of Investment Monitor

    The life sciences industry in Charleston is growing fast. As more and more businesses and professionals are drawn towards the area, there is high demand for accomplished leaders to spearhead the sector’s growth.

    Executive search consultant Joyce De Leo is doing her part to find these individuals. She spent a 25-year career researching and teaching medicine at esteemed institutions in the north-eastern US, earning a PhD in neuropharmacology, and establishing a start-up pharmaceuticals company focused on treating chronic pain. She now works for executive search company WittKieffer, where she recruits talent for high-level leadership roles in healthcare and academic medicine. Last year, De Leo relocated from Boston to Charleston after falling in love with the region and recognising its rich opportunities for market growth. Read the rest of this article by clicking here.

  • sam patrick posted an article
    Innovation and life sciences are growing rapidly in South Carolina see more

    Compliments of Investment Monitor

    Investment Monitor spoke to Jesse Goodwin, PhD, chief innovation officer at the Medical University of South Carolina, to find out how the institution is collaborating with industry partners to grow within, and alongside, the life science sector in Charleston, SC.

    The Charleston region has a lot to offer life science companies, including access to talent at the oldest medical school in the South. Located in downtown Charleston, the Medical University of South Carolina (MUSC) was founded in 1824 and has maintained a dedication to serving the state through education, research and patient care from the very beginning. However, there is a fourth pillar that makes MUSC a nationally recognised institution and a key partner within Charleston’s life sciences ecosystem – and that is innovation.

    Enjoy the complete article by clicking here.

  • sam patrick posted an article
    Thorne Healthtech makes name for itself globally from base in Charleston, SC see more

    Compliments of Investment Monitor

    After visiting 100 potential sites across eight different states, nutraceutical company Thorne HealthTech began a huge relocation to Charleston, South Carolina, in 2014 and has never looked back. Here, Thorne COO Tom McKenna explains what drove its decision and subsequent success.

    There are many reasons why a life sciences business might make the monumental decision to relocate their company’s headquarters or manufacturing base either nationally or internationally. Choosing exactly where to move is a significant challenge that requires extensive research, visits and careful evaluation.

    This was a challenge that Tom McKenna, chief operating officer at Thorne HealthTech, faced first-hand when he led the company’s relocation some 3,500 miles (5,600km) across the US, from a small town in northern Idaho to one within greater Charleston, South Carolina. Here, he shares his experience of the big move and why he feels the relocation was more than worthwhile. 

    Thorne was founded in 1989 as a manufacturer of premium-quality nutritional supplements. We have since created digital health solutions providing diagnostics and analytics to identify unmet nutritional deficiencies and provide world-class wellness and prevention education. Our goal is to help people at all stages of life to live and age more gracefully.

    We believe the future of wellness is personal. For the first time in history, with the cutting-edge advancements in sequencing technology, artificial intelligence and nutritional research, we can now efficiently offer personalised approaches to wellness, which were previously reserved for late-stage disease care or academic research. We strive to be the differentiated leader in the wellness industry by deploying our scientifically rigorous approach to supporting personalised health and wellness.

    What prompted the move from Idaho and what were you looking for in your new location?

    In 2013, we recognised that by 2018 we would be out of capacity at our manufacturing facility. While there was plenty of available land in the area, our decision not to expand locally was based on utility capacity, lack of local labour and challenges in attracting talent, as well as the significant distance from the airport and major roadways.

    We first looked at around 1,000 different options across all 50 states. We narrowed it to 100, and I personally visited every one of those over a two-year period. During that time, we were introduced to South Carolina’s then governor of state, [Nikki Haley]. She suggested the Charleston region and we looked at some sites. The place we ended up was a no-brainer compared with all the other options. After two years of trying to find a home, when we finally came to Charleston we thought ‘that’s it’!

    The key criteria in our decision-making included a business-friendly environment; a robust, affordable and available talent pool with comparable salaries to Idaho; proximity to the local airport and major transit ways; an appealing area for staff to relocate; and attractive state and local incentives. Charleston ticked all these boxes.

    What are the risks during a business relocation and how did you mitigate these?

    One risk is losing or damaging a critical asset or transitional requirement among the significant multitude of moving parts. This required detailed, almost military-like planning and execution to move some 2,500 pieces of equipment, furnishings and tens of thousands of inventory items.

    Thorne HealthTech’s corporate office and manufacturing site is located at 620 Industrial Blvd, Summerville, South Carolina. (Photo courtesy of Thorne HealthTech)

    To make sure there are no operational disruptions, you also need a certain critical mass of existing staff to move with you, in many cases early, and to stay at least for a while to initiate operations, recruit and train new staff. We worked with Charleston’s economic development organisation called Charleston Regional Development Alliance (CRDA). CRDA helped facilitate and participate in 14 ‘familiarisation’ trips for a total of 140 employees and nearly 300 persons. We would kick the trip off with a seminar on the area and the community, led by CRDA. We would then hop on a bus and CRDA would take us on a three-hour tour around different neighbourhoods and areas, down to the beach and out for a barbeque.

    It was very informal and almost familial, and to their credit they showed up 14 times to do these things, each time with welcome bags. CRDA was very helpful in getting folks to see the value of the local community. In fact, CRDA was critical in helping us convince 40% of our Idaho-based staff to relocate to South Carolina. When we got here, they were very helpful on the hiring side too.

    What attracted your employees to the Charleston region?

    What the greater Charleston area provides is a culture that is perhaps not a lot different from the Pacific Northwest. Our employees love to be in the outdoors – they love to hunt, fish, camp and hike. You can do all those things that you could do in Idaho here in Charleston. The big difference is that instead of doing those things in a short window in the summer, in Charleston you can enjoy them for 12 months of the year, thanks to the climate.

    The ocean was another big attraction for folks, as was the proximity to multiple downtowns. In Idaho, the closest city was a two-hour drive away. Here, you can generally be in downtown Charleston in 30 minutes or less, depending on where you live. At the same time, it is not a huge metropolitan area like New York City, Philadelphia or Washington DC, for example.

    Are there any ways Thorne HealthTech is more competitive with operations in Charleston?

    We are now able to attract more diversified and talented staff, in greater numbers. The proximity to the airport and interstate highway transit has greatly reduced our freight costs and improved our supply chain management and timelines. When we wanted to ship and receive materials in northern Idaho, the largest interstate was an hour away. Here, it is just blocks away.

    Our new facility and others we are now expanding into have materially improved our productivity and lowered the cost of operations. We now produce more items in-house and have greater control over our supply, and as a result have dramatically reduced our order fulfilment timelines, which are now comparable to Amazon. We continue to feel we made the right decision in our move to Charleston.

  • sam patrick posted an article
    First-rate infrastructure is one of the attractive facets of Charleston see more

    Life science businesses like Horizon Scientific depend on Charleston’s intermodal transportation infrastructure to deliver products to the marketplace by road, sea, air and rail. Continued investments in the metro area ensure they won’t be let down.

    First-rate infrastructure is one of the hallmarks of a thriving economy, with transportation something all businesses depend on. A well-functioning system of roads, railroads, seaports and airports facilitate the production and exchange of goods – the basic principle at the heart of most life science business models.

    One metro area of the US that has got it all is Charleston | South Carolina. Within the three counties (Berkeley, Charleston and Dorchester) that comprise Charleston, a highly efficient network of transportation infrastructure offers the global marketplace access to local businesses. The region’s central position between New York and Florida provides prime East Coast connections while also facilitating efficient transatlantic travel and transportation – including a nonstop British Airways flight to London Heathrow from Charleston International Airport.

    Click here to enjoy the complete article.

  • sam patrick posted an article
    The life sciences cluster in Charleston, SC -- and across the state -- is booming see more

    Compliments of CRDA and Investment Monitor

    Aligned by a shared vision for a healthier world, a united life sciences sector is a powerful thing. In the Charleston, South Carolina, market, strong synergies between new and established businesses, academic institutions and state-led initiatives provide prime opportunities for scientific innovation and business success. A growing cluster of life science companies prove testament to the power of the region’s networks.

    When considering possible locations for a new office, laboratory or manufacturing site, life science businesses will have a long checklist. This includes a provision of talent, access to markets, ease of transport and connectivity, quality of life and support from local government. When these elements come together an additional benefit is created: a thriving scientific ecosystem that generates a virtuous circle of advantages for businesses and their employees.

    The Charleston region’s ecosystem helps companies solve business challenges and mitigate risks. As a result, an increasing number of biotech and medtech manufacturers, research laboratories and service companies are calling the area home, giving birth to a burgeoning life sciences community and all the network effects that come with it. For companies seeking to enter or expand in the US, the professional economic development organization, Charleston Regional Development Alliance, exists to guide you through the process. The Alliance provides multiple services at no cost to the company.

    Click here to continue reading the entire article.

  • sam patrick posted an article
    Life sciences expands career opportunities for SC graduates see more

    Compliments of Lowcountry Graduate Press

    COVID caused pain and heartache and death across the world and here in the Lowcountry, but it also revealed some bright spots. One of those is the life sciences industry, which was responsible for diagnosing COVID, providing responses, and ultimately developing effective vaccines.

    Coincidentally, the life sciences industry in South Carolina is itself on a growth spurt that was accelerated by the pandemic. The number of firms in the industry had doubled in the last four years, making it the fastest-growing industry sector in the state. The Darla Moore School of Business estimated its annual economic impact at $12 billion before the most recent spike.

    Life sciences produce next-generation pharmaceuticals and vaccines; advanced medical devices, diagnostics, and testing; digital health; bioscience distribution; bio-agriculture and biomaterials; and biological solutions for advanced manufacturing.

    Life sciences also encompass two areas of focus for the Lowcountry Graduate Center – advanced manufacturing and healthcare management. While the connection with healthcare is obvious, many people don’t realize that life science research and advanced manufacturing work symbiotically. Many life science innovations, like medical devices, require advanced manufacturing to produce, while life science innovations can power the process of advanced manufacturing itself.

    Career Opportunities in Life Sciences

    That means jobs, and not just for M.D.s and Ph.D.’s, but for technical college graduates and university biology and chemistry majors as well. The average life sciences position pays $79,000, according to the official state affiliate of the U.S. Biotechnology Innovation Organization, also referred to as SCBIO, the nonprofit organization dedicated to promoting the life sciences industry in S.C. Because workforce development is the primary challenge facing the industry, SCBIO is engaged in an initiative to promote the industry as a career path for students, guidance counselors, and parents at the K-12 level and in two- and four-year college.

    Indeed, SCBIO is in the process of developing an industry-advocated life sciences curriculum for technical colleges that can prepare graduates for jobs in the field. Courses would cover manufacturing processes; safety and technical protocols like measurements and ISO standards; soft skills required for all workplaces; and the connections between the various life science components and the life-saving innovations they support.

    “We want to get to students even sooner so we’re partnering with organizations that are already in schools to add more of the ‘S’ in STEM,” said Erin Ford, interim CEO at SCBIO. “If someone takes a course at Trident Tech, they can get a job paying $50,000 or more with health insurance while working on a product that helps people live better lives.”

    The vector of life science development is different depending on the area of the state, with the Lowcountry showing strength in biotechnology, pharmaceutical, and manufacturing, says Ford.

    Life Science Companies Need Space to Grow

    Besides workforce development, the next big challenge constraining growth is space. Lab space at the new WestEdge development in downtown Charleston was fully subscribed when it opened and now developers are seeking new space. Clean labs are more complex and costly to retrofit and build than ordinary office or warehouse space.

    Nonetheless, the firms keep coming – or starting – and the state has gotten behind the industry. As a critical step, it authorized and funded SCBIO as the state’s lead life sciences industry economic development organization.

    Life science provides more than just more job growth: it provides diversification of an economy that 30 years ago relied heavily on a Navy base that packed up and left. Life sciences are more recession-resistant than automotive and aeronautics, two areas of manufacturing strength in the Lowcountry that respond to retail market demand. People never cease needing health innovations.

    Recognizing that, the Charleston Regional Development Alliance (CRDA) and South Carolina Research Authority have backed the industry. CRDA was the first development authority in the state to build map out a strategic plan to attract and retain life science businesses.

    Headwinds for Life Sciences in South Carolina

    Sam Konduros of KOR Medical, a clinical cannabis firm launched by the Charleston-based diagnostic and testing company Vikor Scientific, says South Carolina and SCBIO have created a business climate conducive to the industry, and the health care and advanced manufacturing infrastructure have added tailwinds to its development. Citing Vikor’s growth from 45 employees to 450 during COVID, he says recruiting a talented workforce has not been a significant challenge so far. He notes the usual Charleston quality-of-life benefits – weather, beaches, history, and food, in addition to the growing vibrancy of the industry – as recruiting tools have contributed to the success.

    Ford and Konduros see possible headwinds elsewhere for the industry. Roadways and other transportation infrastructure could use improvement, and housing availability and affordability are statewide issues. For example, the state’s franchise tax, now eliminated by 36 states, penalizes early-stage companies successfully raising venture capital before going to market. In an industry that often spends millions to earn FDA approval prior to commercialization, the tax is a burden, they say.

     September 02, 2021
  • sam patrick posted an article
    Charleston, Vikor Scientific featured in national media see more

    Compliments of Charleston Regional Development Alliance and Business Insider

    Empty hotel rooms, half-full offices, and shuttered retail. The coronavirus has wreaked havoc on the most established commercial real estate asset classes, creating short-term financial crunches and raising long-term secular concerns as remote work is tested and e-commerce rates rise.

    Other asset classes, once alternatives, have become institutional investing gold standard. Logistics assets such as warehouses are providing a punch to the portfolio of the world’s largest landlord, Blackstone.

    As industrial real estate investing becomes more crowded, and many of the other large asset classes slump, attention is turning to life sciences real estate — or space that’s used by pharmaceutical and biotech companies for research, development, and even manufacturing of new diagnostics, therapies, and vaccines.

    The life science industry had been growing rapidly before the pandemic, attracting $17.4 billion in venture capital funding in 2019, up 370% from $3.7 billion in 2008, according to a Cushman & Wakefield report. Funding has continued to pour into the sector, even as coronavirus has slowed down venture funding overall, creating demand for more lab space.

    Read the entire story here...

  • sam patrick posted an article
    Many major life science firms have made the move to the Charleston region, and more are on the way see more

    Compliments of Industry Today

    December 19, 2019

    Charleston leads the nation for job growth in scientific R&D firms. In the past two decades, major life science firms have made the move to the Charleston region. Charleston is home to 75+ medical device and pharmaceutical manufacturers, research laboratories and service companies. Life science executives across the globe are discovering that the Charleston region offers what many other larger, oversaturated markets cannot: a lifestyle that attracts and retains top talent, easy connections to life science and healthcare executives, and business-friendly regional and state support.

    Read the full article HERE.

  • sam patrick posted an article
    South Carolina Named Top 3 in Best States for Business see more

    South Carolina has another opportunity to promote its economic development prowess thanks to a magazine’s business climate rankings.

    The Palmetto State tied for third with North Carolina in Chief Executive’s 2018 “Best and Worst States for Business.” Texas was No. 1, followed by Florida. Indiana was fifth.

    “A high ranking like this is a great tool that drives industrial prospects to consider South Carolina and our region for new investment and jobs,” says Will Williams, president and chief executive of the Economic Development Partnership, which serves Aiken, Edgefield, McCormick and Saluda counties.

    It was a slight improvement for the Palmetto State, which finished fourth in 2017. Economic development officials say there’s value in “best” lists.

    “We certainly use these types of rankings in our marketing to differentiate ourselves from other states and regions,” says John Lummus, president and chief executive of the Upstate SC Alliance, which serves a 10-county region. “I feel that these rankings are important not only because they shine a light on the positive, but also often show where improvements may need to be considered.”

    This latest ranking, which is based on a survey of CEOs, is in its 14th year. Publications devoted to business and/or economic development produce various types of state-by-state rankings throughout the year.

    “The Palmetto State consistently scores near the top due to a number of factors, such as low unionization rates, strong cooperation between government and business, low-cost utilities, established transportation and infrastructure, competitive wage rates, and availability of a talented workforce,” Lummus says.

    South Carolina ranked 10th overall in the Chief Executive rankings in 2015, fifth in 2014 and eighth in 2013.

    “This doesn’t just happen by accident,” says David Ginn, president and chief executive of the Charleston Regional Development Alliance. “The S.C. Department of Commerce is one of the best-performing economic development teams in the country.”

    Texas, Florida and North Carolina have been one-two-three for each of the past four years. Texas has been No. 1 all 14 years of the ranking’s existence.

    “The difference between the top five states is negligible, roughly within the statistical margin of error,” says John O’Toole, executive director of the Beaufort County Economic Development Corp.

    Meanwhile, California anchored the bottom of the list at No. 50 for the seventh consecutive year. The seven lowest-ranked states were all the same as in 2017.

    The magazine speculated that the reputations, leadership and governing philosophies in the top and bottom states don’t change much, while states in the middle of the rankings move up and down in response to those factors.

    “Our legislature has provided us tools to be competitive and our state and local permitting agencies understand the importance of keeping it simple,” Williams says. “Our collective economic development team has an enviable global reputation for delivering projects, both big and small, on time. And our focus on existing industry success demonstrates we take good care of you once you get here.”

    This year, the magazine noted that South Carolina was a right-to-work state and cited the South Carolina Innovation Plan, an initiative to support the advanced manufacturing, life sciences, biotech and computer software sectors.

    “In our targeted industries – aerospace, agribusiness, automotive, manufacturing and technology industries – we can compete with any state or nation,” O’Toole says.

    There were three subcategories used in the ranking: taxation/regulation, workforce quality and living environment. South Carolina ranked 10th, 14th and seventh in those three categories, respectively.

    Living environment is a selling point for O’Toole.

    “To punctuate our value proposition, at the end of the day you can be in Hilton Head, Beaufort, Bluffton or Port Royal,” he says. “What could be finer?”

    The Charleston area also makes many “best” lists related to quality of life and tourism.

    “National rankings make great headlines so we use them to grab attention and reinforce our strengths as a globally attractive location for business and talent,” Ginn says.

  • sam patrick posted an article
    MED-ALLY is growing! The organization is locating new operations in South Carolina... see more

    COLUMBIA, S.C. – MED-ALLY, a privately-held medical device manufacturer, is locating new operations in Berkeley County. The $2.38 million investment is expected to create 90 new jobs.

    MED-ALLY is an innovative design, development and manufacturing company specializing in active implantable medical systems. The company has designed and developed VersaStim® neuromodulation platform technology, which treats patients with movement disorders, spinal cord injuries, chronic pain and traumatic brain injuries. The VersaStim® technology platform is available in external and implantable systems for clinicians to maximize therapy effectiveness and improve patient outcomes.

    The company’s state-of-the-art, 10,000-square-foot manufacturing operation will be located in the Charleston International Manufacturing Center at 2040 Bushy Park Road in Goose Creek, S.C. An ISO Class 6 Clean Room, critical for the fabrication of implantable devices, will take up approximately half of the operating space. Expected to be fully operational in March 2018, MED-ALLY is already hiring for its new technical positions. Those interested in joining the team should visit www.med-ally.com(link is external).

    The Coordinating Council for Economic Development has approved job development credits related to this project.

     

    QUOTES

    “We are indeed fortunate for the opportunity to join the many successful and class-leading companies that call the Lowcountry and Charleston home, and can only aspire to one day approach a close enough level of similar lofty accomplishments! Through the professional South Carolina organizations and wonderful associates at every level at the CRDA, SCRA, SCBIO, S.C. Commerce and others, more akin to treasured business partners over all else, we believe that we are surrounding ourselves with an enabling, empowering and conducive team like no other. We look forward to growing and prospering in Berkeley County amidst its wonderful constituency and leadership team.” –MED-ALLY, LLC CEO and Co-Founder Raja Edward Hitti

    “We are excited to join the growing South Carolina medical device community and deliver innovative bioelectronic products that positively impact the global Healthcare market. The MED-ALLY team is looking forward to working with distinguished clinicians, university medical teams, industry partners and university students dedicated to providing disruptive medical device solutions to treat debilitated patients worldwide.” –MED-ALLY, LLC President and Co-Founder John Mulvihill

    “It’s always exciting when a company decides to locate new operations in South Carolina, and we’re pleased to welcome such an innovative firm that’s focused on cutting-edge advanced manufacturing. I congratulate them on this new investment and can’t wait to see what the future has in store for them here.” –Gov. Henry McMaster

    “The life sciences industry is one that presents significant growth opportunities for South Carolina, and today’s announcement by MED-ALLY is proof of that. I congratulate this innovative company and wish them much success in the Lowcountry.” –Secretary of Commerce Bobby Hitt

    “MED-ALLY’s announcement of its medical device manufacturing project in the Lowcountry is extremely exciting for Berkeley County; we are honored to welcome MED-ALLY, their investment and the 90 technical jobs they offer. MED-ALLY’s announcement is also further proof that Berkeley County is open for business, and Berkeley County means business. Through meetings with the company’s team, I am confident MED-ALLY will thrive in Berkeley County and also be incredible partners in job creation opportunities for many years to come.” –Berkeley County Supervisor Bill Peagler

    “We’ve been talking with MED-ALLY for some time about the competitive advantages the Charleston region offers, and we’re thrilled our community successfully competed against much larger U.S. metros to attract this implantable medical device manufacturer to locate its headquarters, R&D and manufacturing facility in Berkeley County. We are proud to welcome MED-ALLY to Charleston’s growing life sciences cluster. They will be a tremendous asset for many years to come.” –Charleston Regional Development Alliance Chairman Will Helmly

     

    FIVE FAST FACTS

    • MED-ALLY is locating new manufacturing operations in Berkeley County.
    • $2.38 million investment to create 90 new jobs.
    • MED-ALLY is a personalized health solutions company dedicated to manufacturing medical devices.
    • Located at 2040 Bushy Park Road in Goose Creek, S.C., the company’s new facility is projected to be operational in March 2018.
    • Those interested in joining the MED-ALLY team should visit www.med-ally.com(link is external).