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With its strategic central location, logistics infrastructure, and diverse skilled workforce, Memphis is an ideal location for medical device companies. EDGE’s Payment in Lieu of Tax (PILOT) program is a key factor in encouraging major medical device companies to locate and expand in Memphis, providing the community with high paying jobs. Medtronic and Cognate Bioservices are just two medical device companies that were awarded such PILOTs. Cognate Bioservices is committed to cell-therapy, DNA sequencing, and vaccine development; Medtronic takes advantage of Memphis’ excellent distribution logistics to deliver spinal devices and surgical kits to clinics and hospitals, providing the exact instruments needed for specific surgeries and procedures. EDGE PILOTs provided these companies with assistance for building renovations and expansion, creating 826 combined net new jobs.

Micro-fulfillment, another aspect of the growing local medical device field, is a strategy that places small-scale warehouse facilities in densely populated urban locations closer to the consumer to improve delivery times. EDGE approved a PILOT for Walgreens to create its Memphis-based micro-fulfillment facility that would serve as a prescription drug warehouse with state-of-the-art technology. This innovative operational model should lower costs to fill customer orders—Walgreens anticipates expanding their customer delivery and pickup services with this facility.