Medical College of Wisconsin's $5.82 billion impact raises questions about funding priorities

In December 2024, the Medical College of Wisconsin (MCW) announced its significant economic contributions to the United States for fiscal 2023. The institution recorded a direct operational economic impact of $5.82 billion, positioning it as an essential economic driver beyond just the academic and healthcare sectors. The annual economic impact of MCW is comparable to hosting around 31 Summerfest music festivals, which each contribute approximately $189 million to the state's economy. This remarkable economic contribution is accompanied by supporting over 38,500 jobs throughout Wisconsin, emphasizing MCW's role as a vital employment resource and community supporter. Moreover, MCW is recognized as the third-largest private medical school in the nation and consistently ranks within the top 100 research institutions in the United States. The college's influential research activities have substantial economic ramifications, generating roughly $8 in economic output for every dollar spent on research. In fiscal 2023, MCW invested approximately $400 million into research, training, and associated endeavors, signifying its commitment to advancing medical knowledge and innovation. Additionally, nearly 60% of MCW graduates remain in Wisconsin to practice in various healthcare and health science roles. This retention of skilled healthcare professionals showcases MCW's lasting impact on the state's health infrastructure. With around 12,000 alumni residing in Wisconsin, MCW graduates contribute an astonishing $19.5 billion annually to the state's economy, reaffirming the institution's role as a primary source of highly trained medical professionals. Furthermore, MCW trains a significant number of resident physicians, ranking in the top 5% nationally, and remains the leading provider of specialty-trained doctors in the state. The findings from the report underscore the importance of academic medical institutions not only in education and research but also in driving regional and national economic growth. As MCW continues to fulfill its mission of serving communities through healthcare education and innovation, its extensive economic impacts highlight the essential role of medical education in sustaining and enhancing the economy of Wisconsin and the greater United States.