University of Arkansas Medical Sciences On the Move: NCI-Designed Center Pursuit, More Pay and IP Formation

May 26, 2019 | BioVentures, Designated Cancer Center, University of Arkansas

The University of Arkansas Medical Sciences is on the move.

First, The Arkansas Democrat Gazette reported that the University of Arkansas Medical Sciences (UAMS) will raise its minimum wage to $14 per hour at campuses and clinics across the state as reported in the institution’s fiscal 2020 budget documents.

The University of Arkansas System board of trustees approved an approximately $1.6 billion UAMS expense budget that includes a $33 million uptick in compensation and benefits costs.

UAMS vice chancellor and CFO Amanda George  reported it was between a 3% to 4% increase from the previous year. It was the last such uniform increase since 2016.

Second, UAMS is an active clinical research center.  Its Clinical Trials division will benefit from this move as a clinical trial operations takes many different roles from administrative support to coordinators to investigators.

UAMS is pushing to become the State’s first National Cancer Institute designated cancer center.  For UAMS openness of spending some $10 million is key for this effort.

ACT 580, passed by this year by the state legislature, designated the funds—set to be raised largely through tobacco and e-cigarette taxes-to support the health sciences hub and medical school’s cancer center drive. This road to becoming a designated center must include transparency regarding how the approximately $10 million will be spent.

Finally, UAMS is contributing back to Arkansas society—and beyond!  BioVentures  was a formal outgrowth of UAMS’ interest in promoting a biomedical technology industry in Arkansas.  UAMS established BioVentures to maximize global, industrial interaction with UAMS faculty as well as to support and facilitate technology transfer, incubation of startup ventures that are based on UAMS IP and contribution to Arkansas’ economic development. BioVentures links UAM scientific talent with global markets to advance Arkansas’ scientific and economic development.

The team is led by Nancy Gray, PhD, President.

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