Patrick Harker, Speech: Health Care as an Economic Driver

“With all this said, there can be no doubt that what we call eds and meds — colleges, universities, and nonprofit medical institutions — drive economic activity. These institutions are often referred to as anchor institutions because of the multiple ways they are tied to a place. Unlike corporate headquarters, manufacturing facilities, or sports franchises that can pick up and move — sorry Raiders fans — higher-education institutions and hospitals may sometimes close, but they aren’t going anywhere. As we have seen, health care is labor intensive, making medical institutions some of the largest employers in their regions. And they are generally recession resistant. This part is crucial, too: The research and development functions of higher-education institutions and medical institutions generate new businesses through innovation, technology transfer, and commercialization. In fact, we are seeing that all over the Philadelphia region right now.”