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Originally Posted by OrdoSeclorum
I think this is partially correct. But since we are on an economic forum, having all of the hospitals in one location may or may not have health care synergies for a patient, but it does create business synergies.
I'd love to see the IMD grow to be more like the TMC for these reasons. With Chicago's resources and the room to expand at the IMD, it's got a shot to nip at its heels over the next few decades. But the TMC is better managed and isn't standing still. It isn't helpful to pretend that the TMC isn't enviable.
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First off, I typed "suggestive" when I meant "subjective" - since corrected. You make some points, but: 1) Making it easier for pharma or medical tech salesmen to peddle their drugs or equipment adds diddly to economic development, or better health outcomes; 2) With modern technology, members of the same industry don't need to be across the street from each other. In the "old days," major banks grouped along LaSalle because, for instance, they had to physically deposit with and pick up checks from the Fed every day. It's all electronic today. Bank of America is moving to Wacker, BMO Harris to across the river. Chase is rumored to be moving somewhere else, etc. Law firms had to physically deliver documents to the courts and to each other. Now that's also all electronic. Chapman & Cutler will move into the new BMO Harris building, Kirkland & Ellis is moving farther away from federal and state courts to Wolf Point, etc; 3) Professionals move because of career opportunities and/or money, not because the new position is across the street. I doubt if any doctor relocated from Mt. Sinai in NY to MD Anderson in Houston just because Baylor is just a few block away and MAY make a better offer. 4) If CVS were to relo to Chicago - which it won't because Walgreen's is already here - it won't be because of any "benefits" of being in the IMD or the North Shore. CVS retails drugs (and junk food) and provides health insurance, it doesn't make drugs or med equipment or provide health care. It might poach a payroll clerk from AbbVie or Rush, but it doesn't need drug researchers or doctors; 5) A concentration of an industry in a metro area is a good thing, but players don't need to be within a few block of each other.
Having said all this, I too would love to see the IMD grow and think it may not have made enough effort, but to approach the size of the TMC (and it's the sizzle, not the size that matters), it would have to attract some 5 major hospitals. And that just AIN'T gonna happen. Chicago still beats Houston as a major center for the health industry, IMC or TMC growth or not.
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I guess you can do that if there's a lot of equity in the project instead of debt.
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