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Report: Tech Launch Arizona brings $1.6 billion in economic output in five years

Report: Tech Launch Arizona brings $1.6 billion in economic output in five years
Posted at 5:02 PM, Jun 11, 2022
and last updated 2022-06-14 15:39:56-04

TUCSON, Ariz. (KGUN) — Kevin Boesen began building his company in 2006. His goal: to help patients take the right medications.

“Everybody knows someone that takes multiple medications, whether it be a grandparent or parent, so we’re a partner to them to ensure they know what they’re taking, why they’re taking it, and that they do so in a safe manner,” Boesen said.

His company, called Sinfonia Rx, continued to grow and in 2017 it was acquired by Tabula Rasa Health Care. The company now benefits around 50 million patients. It has bureaus throughout the United States, and 200 employees in Tucson alone.

“Without Tech Launch, we wouldn’t have been able to do it," Boesen said. "Tech launch helped us develop the business plans for it, helped us find outside investors.”

Sinfonia Rx is one of around 127 companies launched by Tech Launch at the University of Arizona.

“We commercialize technologies invented at the University," said Doug Hockstad, Asst. Vice President of Tech Launch Arizona. "That goes to existing companies, or through startups.”

Tech Launch Arizona has not only benefited Southern Arizona, but also the United States. A recent report by rounds consulting group shows that from 2016 to 2021, Tech Launch produced more than $1.6 billion in economic output. That includes things like labor income, and tax revenues.

“We want to have a lot of small companies, startups, medium size companies, large companies," Hockstad said. "We create a center of gravity that draws not only money to the region but also people.”

The report predicts that by 2031, Tech Launch will create a total of 3,500 jobs, and generate $4.7 billion in economic output. These are lofty goals, but Tech Launch leadership is not surprised.

“I absolutely expected it to get to this point, and I totally expect it to get much further,” Hockstad said.