When the Monitor Group study, “Building the Competitive Advantage of South Carolina: Toward a Shared Economic Vision,” was released in December, hopes were high that the findings would inspire leaders from academia, business and government to do things never done before to spur economic development in the Palmetto State.

Personally, I didn’t think it would happen so quickly or in such a visionary fashion as the plan to invest $160 million in health sciences research unveiled recently by two of the state’s largest research universities and two of the largest health care systems.

This is completely in sync with Gov. Mark Sanford’s vision for the state.

The leaders of the Medical University of South Carolina, the University of South Carolina, Greenville Hospital System and Palmetto Health have set the wheels in motion to bring about significant change in South Carolina. Casting aside competitive differences, the four partners plan to pool intellectual and financial resources to fund health sciences research for the next 10 years.

Their vision is simple: to use research to improve the economic and physical well-being of our state.

Half the money, $80 million, will come from this unique public-private partnership. The other half will come as part of a 1-to-1 match from the General Assembly via the South Carolina Research Centers of Excellence Act, also known as the Endowed Chairs program.

The goal is to establish two economic centers of excellence each year. Each center will include an endowed chair, or lead researcher, supporting faculty and staff, and accompanying resources. These in turn will attract graduate students and, equally important, companies that want to partner or benefit from research projects.

The total investment in health sciences research in our state is expected to be far more than $160 million. Money attracts money, and both universities are already actively pursuing additional monies from industry, national philanthropic foundations, private grants and the federal government.

Public-private partnerships such as this not only decrease dependency on state dollars, but also result in the same or greater results because of the buy-in of the private sector.

The creation of the South Carolina Health Sciences Collaborative is unprecedented in our state and across the nation. And it’s exactly the type of action professor Michael Porter of the Monitor Group prescribed for South Carolina to ensure competitiveness in the global economy. In fact, it contains three characteristics Porter cited as essential for successful economic development.

First, the collaborative is a regional initiative that brings together the Lowcountry, Midlands and Upstate. It leverages the resources of a region, instead of relying on individual communities.

Second, it links universities, business and government, creating a powerful triumvirate that can work together to attract outside researchers, national funding for research and capital investment by private companies. In the past, economic development was driven by the public sector. Going forward, the private sector has to be much more involved.

Finally, the collaborative redefines the infrastructure South Carolina will use to attract new business. Gone are the days when water, sewer and road systems were the carrots. Today’s companies want brainpower, and the collaborative provides the intellectual infrastructure South Carolina needs to move up the value scale and become more competitive in attracting high-paying, high-skilled jobs.

Some may look at this new collaborative and question why hospitals are involved. There are two reasons: the opportunities to improve the health status of South Carolinians and to continue to drive economic growth. As major teaching and research hospitals, Greenville Hospital System, Palmetto Health and MUSC hope to be the conduit of new treatments that will be used by doctors and hospitals throughout our state to save lives and improve the overall health of South Carolinians. As major employers — Greenville Hospital System and Palmetto Health have more than 17,500 employees between them — they see the collaborative as a way to create additional jobs.

Some will wonder why universities are involved in economic development. In truth, universities have always played an important role in job creation. And with the establishment of two centers of excellence per year for the next 10 years, experts at MUSC and USC predict as many as 10,000 new jobs will result.

Professor Porter’s study determined that South Carolina has the assets in place to be successful, but he questioned whether the state had the will to be successful. On April 26, the leaders of the Greenville Hospital System, MUSC, Palmetto Health and USC answered that question with a resounding “yes.”

Mr. Faith is the secretary of the South Carolina Department of Commerce.