The Mayo Clinic and the University of Minnesota revealed the findings of the report, which was commissioned to study the economic impact of their Minnesota Partnership for Biotechnology and Medical Genomics. Pittsburgh-based Tripp Umbach Healthcare Consulting, a consultant that does economic impact analyses for health care providers, universities, public health organizations and governmental entities, conducted the study.

By 2015, the level of employment attributable to the Partnership could reach 7,400. The annual economic impact could reach $546 million.

Because of the narrowing window of opportunity to compete in the biotech field and the longer lead time required to achieve success, Minnesota must make investments today in order to yield the desired long-term economic benefits, the study concludes. Without a viable State biotech initiative, it is unlikely Minnesota will be able to compete with other states to emerge as a leader in biotech and medical genomics. Such an initiative includes the willingness of the state of Minnesota to help construct additional laboratory space and $70 million in research support over five years, according to the study.