Medical Equipment and Pharmaceutical Manufacturing

Target Industry: Medical Equipment and Pharmaceutical Manufacturing

The Lake Martin Area is primed and ready to support the medical equipment and pharmaceutical manufacturing industry. Based on Next Move Group’s research into the region’s industry supply chain, workforce, location advantages, and workforce training options, companies in this sector could have opportunities in the Lake Martin Region.

Opportunity – Medical Equipment & Pharmaceutical Manufacturing

We have identified the following sampling of sub-industries as having opportunities in the Lake Martin Area:

Surgical and Medical Instrument Manufacturing:
152% growth in the Lake Martin area in the last 5 years
Medicinal and Botanical Manufacturing:
14% growth in the Lake Martin area in the last 5 years
Pharmaceutical Preparation Manufacturing:
6% growth in the Lake Martin area in the last 5 years

Lake Martin is home to the Central Alabama Community College and is only 30-minutes from Auburn University. Due to these resources, the region is home to multiple methods of producing a highly trained workforce in the medical devices and pharmaceutical industry. Some of the industry-specific programs that are offered in the region include:

Chemical Engineering
Materials Engineering
Medicinal Chemistry
Chemistry and Biochemistry
Medical Assisting Technology
Pharmaceutics
Mechanical Engineering
Pharmacology

Medical Equipment and Pharmaceutical Manufacturing Facilities in the Lake Martin Area

Based on a workforce analysis conducted by Next Move Group, the Lake Martin area has seen considerable growth in the following medical equipment and pharmaceutical manufacturing-related industries:

Surgical and Medical Instrument Manufacturing:
152% growth in the Lake Martin area in the last 5 years

Medicinal and Botanical Manufacturing:
14% growth in the Lake Martin area in the last 5 years

Bolt, Nut, Screw, Rivet, and Washer Manufacturing:
7% growth in the Lake Martin area in the last 5 years

All Other Miscellaneous Fabricated Metal Product Manufacturing:
6% growth in the Lake Martin area in the last 5 years

Pharmaceutical Preparation Manufacturing:
6% growth in the Lake Martin area in the last 5 years

Electromedical and Electrotherapeutic Apparatus Manufacturing:
26 Electromedical and Electrotherapeutic Apparatus Manufacturing establishments in the Lake Martin area

In our research of the surrounding region’s supply chain, the Lake Martin area benefits significantly from Medical Equipment and pharmaceutical manufacturing industries, showing that the region had advantages to target this industry.

Pharmaceutical Preparation Manufacturing:
290 suppliers within the Lake Martin region

Surgical and Medical Instrument Manufacturing:
248 suppliers within the Lake Martin region

Electromedical and Electrotherapeutic Apparatus Manufacturing:
26 Electromedical and Electrotherapeutic Apparatus Manufacturing establishments in the Lake Martin area

Current Support Companies

Medical Equipment and Pharmaceutical Support Companies in the Lake Martin Area

Kwang Sung Corporation, LTD.	Plastics/Injection Blow Mold Manufacturer
Lake Martin Community Hospital	Healthcare Services
Russell Medical	Healthcare Services
Prime Management Services	Healthcare Services

The Lake Martin area is home to a concentration of premiere healthcare facilities that support the medical equipment and pharmaceutical manufacturing industry. The region is home to two major medical centers, one community hospital, seven home health care agencies, five assisted living centers and nine nursing home facilities, for a total of 885 patient rooms, 1 24-hour emergency room, and over 31 medical specialties, covered by over 28,000 healthcare employees.

Proximity to Major Markets

The Lake Martin area is within proximity to multiple major markets, including:

Atlanta, GA
Miami and Tampa, FL
New Orleans, LA
Austin, Houston, and Dallas, TX
Chicago, IL
St. Louis, MO
Charlotte, NC
Detroit, MI
Washington D.C.

When It Comes to Activities at Lake Martin, There’s More Than Just Boating!

Wages

The table below outlines the average salary range for the targeted subindustries, showing that the region and its residents can highly benefit from increasing opportunities in these areas.

Subindustries	Wages
Surgical and Medical Instrument Manufacturing	$60,070
Sheet Metal Work Manufacturing	$47,286
All Other Miscellaneous Fabricated Metal Product Manufacturing	$44,693
All Other Plastics Product Manufacturing	$44,205
All Other Rubber Product Manufacturing	$33,391
Electromedical and Electrotherapeutic Apparatus Manufacturing	$30,806

Labor Availability

11,121 People Drive Outside of the Lake Martin Area for Work, Every Day

This map shows that 4,893 people travel to Lake Martin area daily for work, proving that a good employer can draw labor from a wide radius. Additionally, this map shows that 11,121 people drive from the Lake Martin area to work in other regions, daily. Many of these 11,121 workers will consider working in the Lake Martin area, as more jobs are created.

In the region surrounding and including the Lake Martin area, manufacturing is the largest sector, employing 34,532 workers. Additionally, the sector has the second largest concentration in the area in comparison to the national average, with an average salary of $52,973. Employment is expected to expand next in the Health Care and Social Assistance by 329+ jobs. The average salary for this industry is $45,442, and currenlty 27,666 are employed in this sector in the Lake Martin and surrounding region.

Russell Medical Center Refinancing

May 1, 2019

"It has been a pleasure working with the Russell Medical Center organization...This refinancing represents the second hospital in Alabama ZFC has financed using the Section 242/233(f) program..."

Chicago, Il (PRWEB) January 10, 2017

Ziegler, a speciality investment bank, is pleased to announce the successful closing of the $30,178,500 refinancing of Russell Medical Center by Zieglar Financing Corporation (ZFC), the FHA-insured mortgage lending arm of Ziegler.

Russell Medical Center (RMC) is an 81-bed not-for-profit, acute care hospital located in Alexander City, Alabama. RMC offers a wide variety of services to the coommunity including but not limited to, birthing services, a cancer center, cardiology, cardio-pulmonary services, emergency department, ICU/step/down unit, oncology, pediatrics, pharmacy, physical therapy, a sleep center, surgical services, total fitness services, a women's center, wound care and hyperbaric medicine. Russell Medical Center is the only provider of acute care services in Alexander City and currently captures approxiamately 45% of all inpatient services in its primary market area.

Alabama Technology Network (ATN)

Offers primarily manufacturing workforce development courses.

AIDT

State-level workforce training program that provides free training for area businesses:

Pre-employment screening and training
Leadership development
Industrial safety program
Industrial maintenance technician assessment program

Ready to Work (RTW)

Operated by the Alabama Community College System in cooperation with AIDT, RTW provides a career pathway for individuals with limited educational and employment experience. Training mirrors the needs of Alabama’s industries and businesses and is free to participants.

Edward Bell Career Center

Provides the students in Tallapoosa County with training for high-skill, high-demand occupations that mirror local business and industry needs.

Central Alabama Community College (CACC)

Provides academic and technical degree programs both in-person and online for high-paying industries, including related industry-specific workforce training programs such as:

LPN to RN Mobility
Medical Assisting Technology
Associate Degree in Nursing
Pre-Med and Pre-Dentistry Career Path
Pre-Nursing Career Path
Pre-Pharmacy-Auburn Career Path, Pre-Pharmacy-Samford Career Path
Pre-Veterinary Career Path

Auburn University

Harrison School of Pharmacy & School of Nursing

Auburn University is just 30 minutes from the Lake Martin area and is home to both the Harrison School of Pharmacy and a School of Engineering. The University has been ranked #1 multiple times for being one of the best in terms of value and offerings. Some of the medical-related degree programs include:

Chemical Engineering
Materials Engineering
Medicinal Chemistry
Chemistry and Biochemistry
Pharmaceutics
Mechanical Engineering
Pharmacology

Troy University

Troy University is located 2 hours from the Lake Martin area. For 15 consecutive years, Troy University has been named to The Princeton Review’s “Best in the Southeast” list. The University has multiple locations throughout the state, programs for international students, and dual enrollment for high school students, and international support programs.

Certificates
- MSN- Family Nurse Practitioner, Healthcare Informatics and Nursing Leadership, and Nurse Educator
Bachelor’s
- Nursing (ASN, BSN, and RN Mobility)
- Health Promotion
- Health Education
- Exercise Science (Nutrition, Pre-Health Profession, and Wellness and Fitness degree options)
Graduate’s
- MSN (Family Nursing Practitioner, and Healthcare Informatics and Nursing Leadership options)
- Doctor of Nursing
- Doctor of Nursing Practice- Nursing Leadership
- Kinesiology
- Doctor of Nursing Practice- Family Nurse Practitioner

Alabama State University

One of the nation’s oldest HBCUs, located in Montgomery, approximately 1.5 hours from the Lake Martin area. ASU offers many medical field-related programs as part of its College of Health Sciences. The related programs include:

Bachelor’s
- Occupational Therapy
- Physical Therapy
- Prosthetics and Orthotics
- Maternal and Child Health Pipeline Training Program
- Biomechanics and Motor Control Lab
- Health Information Management
- Rehabilitation Studies
Master's
- Prosthetics and Orthotics
- Occupational Therapy

US Highways

Tallapoosa County is approximately 6 miles from HWY 280, and 30 miles from HWY 231

Coosa County is approximately 14 miles from both HWY 231, and HWY 280

Interstates

Tallapoosa County is 26 miles from I-85, 53 miles from I-20

Coosa County is approximately 22 miles from I-65, 52 miles from I-85, and 45 miles from I-20

Rail

Norfolk Southern

One of the nation’s premier transportation companies

Operating in 22 states and the District of Columbia

Largest carrier of metals and automotive products in North America

Serving every major container port in the eastern US

Gas

City of Dadeville
Located within Tallapoosa County, just an hour northeast of Montgomery.

Water

Goodwater Water & Sewer Board

City of Dadeville
Located within Tallapoosa County, just an hour northeast of Montgomery

Power

Alabama Power
Owns or operates 77 electric generating units with total nameplate capacity of more than 12 million kilowatts, offering a variety of power options throughout the state.

Opportunity Zone Tax Incentive

Provides an innovate approach to spur long-term private sector investment in low-income urban and rural communities. This incentive offers a frictionless way to reinvest capital gains into distressed communities through Opportunity Funds, in exchange for incentives that are tied to long-term holdings.

Tax Incentive Reform Act Ad Valorem Tax Abatement

Imposed for public school purposes and for capital improvements for public education for a period not to exceed ten years (applies to both real and personal property). Those who may be granted the exemption: the governing body of a municipality located with a municipality or the police jurisdiction, by the governing county located in the county, and by the governing body of a public industrial authority, located within the jurisdiction).

Corporate Income Tax

The rate of corporate income taxes is 6.5% and is based on net taxable income of business done in Alabama. Businesses can deduct all of their federal income taxes apportioned to Alabama. Some incentives include net operating loss carryforward, deduction for pollution control equipment, income tax capital and Enterprise Zone credit, and basic skills educational tax credit.

Business Privilege Tax

This tax is based on net worth in Alabama and corporation’s ability to pay. The rate ranges from $.25 to $1.75 for each $1,000 of net worth in Alabama.

State Unemployment Tax

Employees do not contribute to this tax- employers are required based on the first $8,000 of each employee’s compensation. Rates for current employers vary from 0.5% to 5.4%, while rates for new employers is 2.7%.

Sales and Use Tax

This incentive includes abatements of state and non-educational local construction-related sales and use taxes. If taxes are paid in a timely manner, discounts will be applied. Exemptions are made for raw materials, pollution control equipment, quality control testing, and donations to charitable entities, as well as for utility gross receipts tax.

Property Tax

This incentive includes abatements for noneducational property taxes, exemptions for pollution control equipment and raw material inventory. No property taxes are paid on inventory (some restrictions apply). Alexander City (Tallapoosa County) is classified as a Class 6 municipality, so special property tax incentives are available for businesses located here.

Current Use Exemption

For owners of farmland, pastureland or timberland that is producing agricultural products, livestock or wood products for sale to the general public. This exemption allows for property to be accessed at less than market value when used only for the purposes specified. Once the owner applies, reapplication does not have to take place for subsequent years. If the property changes hands, the new owner must file an application for current use.

Enterprise Zone Tax Program

Portions of both Tallapoosa and Coosa counties within the Lake Martin area are designated as Enterprise Zones. Incentives are available to new and expanding industries that are located in these areas, for up to $2,500 in tax credits for each new permanent employee, and for exemptions for income, sales and use, and business privilege tax liability.

Favored Geographic Areas Program

This program allows qualifying new and expanding industries to be eligible for Capital Investment Tax Credit at lower investment and job creation thresholds. All of Coosa County is designated and the enterprise zones in Tallapoosa County are designed as Favored Geographic Areas. You can learn more about this program here.

Income Tax Capital Credit

This credit is available to new and expanding industries for up tp 5% for the total capital costs of qualifying projects. This tax is available every year, for 20 years. Additionally, the threshold is lower for locations in parts of Coosa and Tallapoosa counties as they are a part of the Favored Geographic Areas program.

Incumbent Worker Training Grant (IWTP)

The objective of this grant program is to provide training and skills upgrades to existing full-time, permanent employees, who have been with the company for a minimum of 6 months. Funding priority is given to industry sector businesses that are experiencing significant training shortages where training or retaining workers is necessary to respond to skilled labor shortages and demands. The maximum amount per project is $30,000, or a $60,000 lifetime maximum benefit.

Existing Industry Training Program (EITP)

The objective of this program is to train and upgrade skills of existing full-time employees. The college or ATN, the Alabama Community College System, and the Workforce Development Division of Commerce must review, rank, score, and submit recommendations on every company that applies. The maximum funding per company per project is $15,000 (alliances of multiple companies can qualify for more per training project), or a $60,000 10-year maximum benefit.

Work Opportunity Tax Credit (WOTC)

The WOTC is a federal tax credit, available to companies that hire individuals from eligible target groups with significant barriers to employment. Individual employees can apply through the Alabama Department of Labor WOTC for a tax credit between $2,400- $9,600, depending on the target group and the number of hours worked in the first year of employment. These target groups include veterans, TANF recipients, food stamp recipients, designated community residents, vocational rehabilitation referrals, ex-felons, supplemental security income recipients, and long-term unemployment recipients

On the Job Training (OJT)

The purpose of this program is to provide employers with reimbursements for the costs associated with hiring and training WIOA eligible individuals. Employers, once they determine the length and method of training for employees, will enter into a Training Contract with the Local Career Center. Employers may receive 50-75% of trainee wages reimbursement through monthly invoices, and upon completion of employee training.