Guest Editor

Dr. Richard Gray is CEO of Mayo Clinic in Arizona, the No. 1 hospital in the state as ranked by U.S. News & World Report for nine consecutive years and recognized on the national honor roll for five consecutive years. He is a professor of surgery and has been a part of Mayo Clinic for 26 years. Prior to being appointed CEO in 2019, he worked as a surgical oncologist, specializing in treating patients with breast cancer, melanoma and sarcoma. mayoclinic.org

A Biosciences Economy

Bioscience may be redefining the economy in Phoenix — and even statewide. It spans sectors, connecting institutions from universities to hospital networks to private companies.

In December, Mayo Clinic acquired 228 acres of land adjacent to our campus in North Phoenix, paving the way to develop a transformative biotech and life sciences corridor called Discovery Oasis. The goal is to attract complementary biotech businesses to the area to advance science, target disease, increase jobs and strengthen the state’s reputation as a medical destination. By creating a culture of collaboration centered in a bioscience neighborhood, Discovery Oasis will help advance the practice of medicine by providing space for a melting pot of various scientific endeavors. The concept furthers Mayo’s mission of addressing humanity’s most serious and complex medical challenges while fueling local and state economic growth. Arizona, as one of the fastest-growing bioscience states in the U.S., is fertile ground for Discovery Oasis. That, coupled with Mayo Clinic’s commitment to grow in Arizona and catalyze bioscience growth, offers a unique and beneficial opportunity for Mayo Clinic, the City of Phoenix, the State of Arizona, and Arizona State University, our collaborator in the Mayo Clinic and ASU Alliance for Health Care.

Mayo Clinic is pleased to be part of the future of Arizona. And I was pleased to discuss our plans and our involvement in the Phoenix bioscience community for this edition’s cover story with In Business Magazine editor RaeAnne Marsh as she reached out to many of our collaborators. The cover story explores the purposeful plan of creating a bioscience hub in Phoenix — from its inception to its continuing growth.

Strategies for growth within a company often include mentoring. It’s proven effective for both productivity and employee engagement. Bert Thornton and Dr. Sherry Hartnett examine this further in “Nine Reasons Your Company Should Create a Mentoring Program in 2022.”

Denise McClintic shares some banker’s expertise on “Estate Planning for Closely Held Businesses” to help ensure that assets, including business interests, are handled appropriately upon death or disability of a business’s principal.

And Joanna de’Shay begins a semi-regular feature series on diversity, equity and inclusion this month as she makes the case for the secret sauce of a robust DEI strategy being a healthy sprinkling of belonging.

Along with the usual healthy mix of smaller articles covering commercial real estate, healthcare, technology and varied other business-focused topics, we’re also given a view into a program JPMorgan Chase created that offers a workforce pipeline for itself as an employer and an employment lifeline for people with a criminal background in the Briefs article “JPMorgan Chase Invests in Second Chance Hiring.”

This is an exciting issue to be part of and I’m glad to help bring it to you. Enjoy the read.

Sincerely,

EN NEGOCIOS

Manténgase informado sobre temas empresariales en español a través de En Negocios, artículos para los lectores de habla hispana en el área metropolitana de Phoenix. Visite inbusinessphx.com/ ennegocios para más información. Stay informed on business topics in Spanish through En Negocios, articles for Spanish-speaking readers in the Phoenix metropolitan area. Visit inbusinessphx.com/ ennegocios for more information.

Richard J. Gray, M.D.

CEO, Mayo Clinic in Arizona Vice President, Mayo Clinic

Scientific Facts

Greater Phoenix is known for its growth and being a beacon of opportunity for business, innovation and — more specifically — bioscience. Over the years, we have come to be known as one of the hubs for bioscience, with initial founders like TGen and others. Today, we are elevating this sector to new heights — not just through scientific advances, but also through expansion of buildings, partnerships and collaborations that are increasingly making the Valley a known destination.

We want to thank Dr. Richard Gray and Mayo Clinic for their leadership and investment in the bioscience community. Their commitment to this sector and expansion in the Greater Phoenix area is exactly what early stakeholders saw as the future for our region. For us to become the hub and to be seen as a leader in bioscience, it is the involvement of renowned institutions like Mayo that is quickly demonstrating to the world that we are open for business. —Rick McCartney, Publisher

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