The Medical College of Wisconsin deliversnearly $6 billion economic impact in fiscal 2023

Milwaukee, Wis. – Dec. 5, 2024 – 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.

To illustrate, the report looked at the 394 medical school graduates from fiscal 2023 and estimated they will have an annual economic impact of $630 million on the Wisconsin economy. MCW graduates from fiscal 2023 who remain in Wisconsin will generate $25.2 billion over a lifetime of employment (40 years).

MCW has also advanced a community-based mission focused on addressing root causes of health disparities and generating substantial social impact. In fiscal 2023, 1,062 faculty and staff from MCW collaborated with 600 community partners, groups, and organizations to improve health across Wisconsin. MCW has invested more than $338 million in more than 600 projects to improve health and reduce disparities statewide through the Advancing a Healthier Wisconsin Endowment. This includes $20 million to improve behavioral health outcomes. The report estimates that MCW faculty, staff, and students generated $27.1 million annually in charitable donations and volunteer services.

MCW campuses in Green Bay and Central Wisconsin also have significant local economic impact. More than $96 million in direct and indirect economic impact was generated in the Green Bay region in fiscal 2023, while a similar impact of more than $41 million was generated in Central Wisconsin. Statewide, MCW generated $246.1 million in state and local taxes with clinical partners.

The impact includes the total economic impact of MCW operations and the total impact of its hospital partner impact on the state of Wisconsin driven by MCW. The hospital partners of MCW include: Froedtert Health, Children’s Wisconsin, and the Clement J. Zablocki VA Medical Center. MCW’s total value to the community is embedded in such collaborations.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.