Although hospitals are sometimes struggling with maintaining revenue from traditional payers, they are finding an increasing revenue stream in a new area: biotechnology and other forms of patent and royalty licensing.
According to MedCity News, the amount of revenue from hospitals, medical schools and other healthcare-related entities is on the rise, reaching $2.6 billion last year, an increase of 6.8 percent from 2011. Citing data from the Association of University Technology Managers (AUTM), 32 of the 194 institutions surveyed were hospitals. However, three of the most successful entities were hospitals.
City of Hope Medical Center and Beckman Research Institute near Los Angeles topped the list, according to MedCity: It realized licensing revenue of $224.4 million last year, and also created a startup venture. Memorial Sloan-Kettering Cancer Center in New York, N.Y., realized licensing revenue of $143.2 million and started up two companies. The Mount Sinai School of Medicine, an affiliate of Mount Sinai Hospital in New York, reaped licensing revenue of $76 million. Cedars-Sinai Medical Center in Los Angeles was sixth on the list, with revenue of $17.2 million, and the creation of a startup company.
"The results of this survey clearly demonstrate that technology transfer professionals made significant contributions to the U.S. economy throughout the recession," AUTM President Sean Flanigan said in a press release announcing the survey.